Why US talk of ‘friend-shoring’ supply chains makes no economic sense


Source: scmp.com scmp.com

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In recent weeks, as US President Joe Biden has sought to put flesh on the bones of Build Back Better World (B3W) by developing diplomacy based on friendship, he has foisted on us two new, cryptic and probably empty acronyms – IPEF , the Indo-Pacific Economic Framework, and PGII , the Partnership for Global Infrastructure and Investment. At the same time, he has continued Donald Trump’s dubious efforts to restructure global trade and investment in favour of the American worker, to reduce the US trade deficit, and to slam the brakes on China’s relentless rise. Along with those acronyms, the...