U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, and Indian Prime Minister Narendra Modi in Tokyo, May 2022
Jonathan Ernst / Reuters

Many foreign-policy analysts regarded former U.S. President Donald Trump’s 2017 decision to withdraw from the Trans-Pacific Partnership (TPP)—a trade pact between 12 Pacific Rim economies and the United States—as a blunder of historic proportions. The deal, which would have lowered tariff barriers between countries that collectively account for roughly 40 percent of global GDP, would have expanded the United States’ economic reach and security alliances and represented an opportunity for Washington to counter Beijing’s primacy in the Indo-Pacific.

In 2022, U.S. President Joe Biden negotiated what could be seen as the equivalent of a do-over of the

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