The elected president of the USA noted that he is not ready yet to discuss the trade policy because he has not yet taken office.
U.S. President-elect Joe Biden said Monday that the United States needed to negotiate with its allies to establish global trade rules to counter the growing influence of China. However, Joe Biden refused to answer whether he would join the new Chinese-backed Asian trade pact signed on Sunday.
Asked at a press conference in Wilmington, Delaware, whether the United States would join the Comprehensive Regional Economic Partnership (CRAP) agreement with 15 countries, Biden said he could not yet discuss U.S. trade policy because he had not taken office.
“The United States makes up 25 percent of the world economy,” Biden said. – “We need to align our actions with other democracies, with the other 25 percent, so we can set the rules instead of China and others dictating them,” Biden said.
The signing of the TPES at the regional summit in Hanoi creates the largest trade agreement in the world, covering 30 percent of the world economy and 30 percent of the world’s population, bringing together Asian powers, China, Japan and South Korea for the first time.
It also marks another setback for the U.S. in the region after President Trump withdrew from the Trans-Pacific Partnership (TPP) trade agreement with 12 countries in 2017, when Biden was vice president.
Biden said he has a detailed trade plan that he will discuss on January 21, 2021, the day after he takes office as president.
Although members of the TTP, including Japan, and many free trade supporters expressed hope Biden would rejoin the trade pact, he said little about it, and advisors said Biden would not immediately lift duties on Chinese goods.
The elected president said he told state leaders that the U.S. approach to trade would be based on “investing in American workers to make them more competitive.