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Taiwan not included in launch of new Biden Indo-Pacific pact

Sunday, May 22, 2022 | Aamer Madhani And Josh Boak, Associated Press


U.S. President Joe Biden, right, disembarks from Air Force One on his arrival at Yokota Air Base, Sunday, May 22, 2022, in Fussa, on the outskirt of Tokyo, Japan. (AP Photo/Evan Vucci)

TOKYO (AP) — President Joe Biden on Monday is expected to come out with a list of nations that will join a long-anticipated Indo-Pacific trade pact, but Taiwan won't be among them.

White House national security adviser Jake Sullivan confirmed that Taiwan isn't among the governments signed up for the launch of the Indo-Pacific Economic Framework, a pact that's meant to allow the U.S. to work more closely with key Asian economies on issues like supply chains, digital trade, clean energy and anticorruption. The U.S. president is slated to highlight the launch of the framework as he meets Japanese Prime Minister Fumio Kishida on Monday.

Inclusion of the self-ruled island of Taiwan, which China claims as its own, would have irked Beijing.

"We are looking to deepen our economic partnership with Taiwan including on high technology issues, including on semiconductor supply," Sullivan said. “But we’re pursuing that in the first instance on a bilateral basis."

The framework is meant to establish Biden’s economic strategy for the region. Matthew Goodman, senior vice president for economics at Center for Strategic and International Studies in Washington, suggested that some Pacific signatories will be disappointed because the pact is not expected to include provisions for greater access to the U.S. market.

“I think a lot of partners are going to look at that list and say: That’s a good list of issues. I’m happy to be involved," said Goodman, a former director for international economics on the National Security Council during President Barack Obama's administration. "But, you know, are we going to get any tangible benefits out of participating in this framework?”

Beijing, in anticipation of the launch of the pact, has criticized the U.S. effort.

“We hope they will build an open and inclusive circle of friends in Asia-Pacific, rather than an exclusive cliques, and do more for peace and development, rather than creating turmoil and chaos in the region,” Chinese Foreign Ministry spokesperson Wang Wenbin said.


Brian Deese, director of the White House National Economic Council, said the pact is focused on “issues that would matter most for American families,” like avoiding empty shelves in stores. “This framework will help us build more resilient early warnings for supply chains,” he told CNN's “State of the Union” on Sunday. “We can solve those types of issues.”


7 Outdoor Living Stocks to Buy Before Investors Go Away For the Summer

Outdoor living is one of the largest sectors of the stock market. The United States spends over $800 billion every year on outdoor entertainment. To put that in context that spending number is on par with the financial services and insurance sector. And, it's almost double the spending in the pharmaceutical industry.

Stocks that focused on outdoor living surged during the pandemic because many Americans understood that being outside (albeit in a socially distanced fashion) was paramount to their physical and mental health. However, the sector didn't see a slowdown in 2021. And it looks like it will continue to be a strong sector in 2022. One reason for that is inflation. It's likely that travel budgets may be affected. But sunshine and fresh air are free.

But isn't this a lousy time to buy stocks? It could be. But it really comes down to being picky. Quality still matters and there are many quality names in this sector. And in this MarketBeat exclusive, we offer seven outdoor living stocks that are good buying opportunities because they lean into the larger macroeconomic picture.



View the "7 Outdoor Living Stocks to Buy Before Investors Go Away For the Summer".

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