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With rising gas prices and 180 million barrels from emergency reserves on the way, it’s doubtful if any real significant impact will be made on gasoline cost. One thing is for certain, soaring inflation and supply chain shortages are being felt by all Americans. President Joe Biden does not fall under the belief that economic recession is a coming inevitability for all Americans.
Compounding factors like Russia’s invasion of Ukraine and the ongoing effect of Covid, have only made these issues harder. The president insisted that the United States has made “significant progress” also advising Americans that “going to be a haul. This is going to take some time.” before changes take place. The President’s address during a news conference with Japan’s Prime Minister stated that issues at home are “less consequential than the rest of the world has.” but also emphasized the Economy in the US has “problems.”
Biden also added at the news conference in Tokyo “Our GDP is going to grow faster than China’s for the first time in 40 years,” acknowledging that the United States has problems. Drawing comparisons with the rest of the world currently struggling with global changing events. The president bolstered the strengths of the United States as something to remember.
Presently, there’s a development of an Indo-Pacific Economic pact which includes an approximate 40% of the globe’s GDP with the United States including nations such as Brunei, Australia, Indonesia, India, Malaysia, South Korea, Japan, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. This frame would help elevate supply chains, digital trade, cleaner energy, increase worker protections and help anticorruption pushes in policy
“When it comes to the gas prices, we’re going through an incredible transition that is taking place,” The president remarked that the country will become more resilient and perhaps would move away from the usage of fossil fuels after the crisis passes. Further emphasizing the frugality of industries like Hyundai’s plans to build its first manufacturing facility in the states, including Samsung in texas building a semiconductor manufacturing facility as proof of economic progress for the US.
The echoes of Trump’s presidency such as China’s sanctions are under consideration to be lifted. Which according to Treasury Secretary Janet Yellen creates more harm to the American consumer and our businesses. Biden told reporters “I’m talking with the secretary when we get home. I am considering it. We did not impose any of those tariffs. They’re imposed by the last administration and they’re under consideration.”
Written by Skye Leon
Edited by Sheena Robertson
CNN: Biden says recession is not inevitable but acknowledges economic pain: ‘This is going to be a haul’; by Kate Sullivan and Allie Malloy
The Philadelphia Inquirer: Biden launches Indo-Pacific trade deal, warns over inflation; by JOSH BOAK and AAMER MADHANI, Associated Press
APNews: Biden launches Indo-Pacific trade deal, warns over inflation; by JOSH BOAK and AAMER MADHANI