Home Economy China Laughs At Biden’s Economic Framework 

China Laughs At Biden’s Economic Framework 

China Laughs At Biden’s Economic Framework 
Photo Courtesy: AP

Wang Yi, Foreign Minister of China, mocked the U.S. President Joe Biden’s wide economic planwork for failing to lower tariffs, in some of the most substantial criticism yet of the US plan to counter Beijing’s influence in Asia. Mr. Wang said, “The Indo-Pacific Economic Framework rolled out by the US claims to build a free, open, and inclusive new order recently, but how can any economic frame call itself free if it doesn’t lower tariffs? How can it be announced inclusive if it purposely excludes China, the largest market in the region and in the world?” The article is about China Laughs At Biden’s Economic Framework.

Fiji became the 14th country and the first Pacific Island nation to join Biden’s IPEF. However, China failed to get ten Pacific Island nations on board with a sweeping trade and security deal on a event attended by Wang in Fiji as part of his rare ten-day visit to the region. Although Beijing had reportedly proposed a free-trade deal and a special envoy for Pacific Island nations, the plan was shelved after some countries expressed concerns regarding specific elements in the proposal.

Mr. Wang said IPEF sought to confine other countries with the US’s standards and rules, adding, “The US is in process to politicize and weaponize economic affairs, and even treat the matter ideologically. This practice violates basic norms of economics. Moreover, it is putting shackles on the free market.”

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