Ikenomic Insights

  (Originally published on Forbes.com ) In recent years, the focus of U.S. economic and trade policy has shifted from opening markets to promoting economic security. That is an emphasis of the Indo-Pacific Economic Framework agreement, the Biden administration’s signature regional economics-oriented initiative, which is expected to be substantially concluded next month. After decades of businesses and consumers enjoying the fruits of commerce with China while Washington paid too little heed to Beijing’s trade transgressions or the implications of China’s rise, prudence is overdue. Security should be prioritized. But security is not a substitute for market opening. Security and trade are complementary and reinforcing. While the Biden administration’s promotion of supply chain resiliency, friend-shoring, and other efforts to ensure the vitality of strategic industries may have merit, its reluctance to pursue market opening trade agreements does not. From the administrations of Franklin R