Biden launches Indo-Pacific trade deal, warns over inflation

AP’s earlier story follows below.TOKYO (AP) — President Joe Biden on Monday promised “concrete benefits” for the people of the Indo-Pacific region from a new trade pact he was set to launch, designed to signal U.S. dedication to the contested economic sphere and address the need for stability in commerce after disruptions caused by the pandemic and Russia’s invasion of Ukraine.Meeting with Japanese Prime Minister Fumio Kishida, Biden said the new Indo-Pacific Economic Framework would also increase U.S. cooperation with other nations in the region.The White House said the framework will help the United States and Asian economies work more closely on issues including supply chains, digital trade, clean energy, worker protections and anticorruption efforts. Along with Biden, he drove a tough line against Russia over its invasion of Ukraine, saying it “undermines the foundation of global order.” Biden, who is in the midst of a five-day visit to South Korea and Japan, called the U.S.-Japanese alliance a “cornerstone of peace and prosperity in the Indo-Pacific” and thanked Japan for its “strong leadership” in standing up to Russia.The White House announced plans to build the economic framework in October as a replacement for the Trans-Pacific Partnership, which the U.S. dropped out of in 2017 under then-President Donald Trump.