U.S. plans new trade pact with ‘like-minded partners,’ says senior official -Breaking
© Reuters. FILEPHOTO: Ships unload cargo at Los Angeles’ Port of Los Angeles. This is Los Angeles, California. REUTERS/Mike Blake/File photo
WASHINGTON (Reuters] – President Biden’s administration plans to push its competition against China through the creation of a new Americas-based trade pact. It will focus on partners who are similar in spirit and complement existing free trade arrangements, a top Biden administration official announced Wednesday.
Washington is part of trade arrangements with Canada, Mexico and will make use of its Americas Partnership for Economic Prosperity, despite no tariff relief for the participating countries, to establish new customs, digitize trade and labor accountability standards. According to the official, negotiations will begin this fall.