President Joe Biden is gathering leaders from countries across the Americas on Friday in the US capital to discuss the tightening of supply chains and addressing migration issues. In a preview of the first Americas Partnership for Economic Prosperity Leaders\u2019 Summit, White House National Security Council spokesman John Kirby told reporters Thursday that the two-day event would be a \u201conce-in-a-generation opportunity\u201d to shift more of the global supply chains to the Western Hemisphere. Kirby said the summit would also involve the \u201cshared migration challenge\u201d and the building of \u201cmeaningful economic opportunity\u201d among the countries in the region.<\/p>\n
Friday\u2019s event was announced last year at the Summit of the Americas in Los Angeles. The focus on trade comes as competition has intensified between the United States and China, the world\u2019s two largest economies. Biden has provided government incentives to build US infrastructure and for companies to construct new factories. But after the pandemic disrupted manufacturing and global shipping, there has also been an effort to diversify trade and reduce dependence on Chinese manufacturing. In 2022, the US exported USD 1.2 trillion worth of goods and services to other countries in the Western Hemisphere, according to the US Trade Representative. It also imported USD 1.2 trillion in goods and services from those countries. But the majority of that trade was with Canada and Mexico.<\/p>\n
By contrast, the US imported USD 562.9 billion worth of goods and services from China last year. Treasury Secretary Janet Yellen outlined the Biden administration\u2019s goals in a Thursday speech at the Inter-American Development Bank. The US wants to diversify supply chains with \u201ctrusted partners and allies,\u201d a strategy that she said had \u201ctremendous potential benefits for fuelling growth in Latin America and the Caribbean.\u201d Yellen, who regularly talks about her \u201cfriend-shoring\u201d strategy for increasing supply chain resilience by working primarily with friendly nations as opposed to geopolitical rivals like China, laid out her vision of new US investment in South America at the development bank on Thursday.<\/p>\n
The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. The US is the bank\u2019s largest shareholder, with 30 per cent of voting rights. Increasingly, policymakers in the US have expressed concern about China\u2019s influence at the bank. While the Asian superpower holds less than 0.1 per cent voting rights, it holds large economic stakes in some of the 48 member countries of the bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Joe Biden is gathering leaders from countries across the Americas on Friday in the US capital to discuss the\u2026<\/p>\n","protected":false},"author":28,"featured_media":9751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88],"tags":[895,2489,2753,2750,1646,587,2751,2752,2756,2754,469,2755,2749],"class_list":["post-9750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-relations","tag-canada","tag-infrastructure","tag-inter-american-development-bank","tag-investment","tag-john-kirby","tag-mexico","tag-migration","tag-summit-of-the-americas","tag-supply-chains","tag-treasury-secretary-janet-yellen","tag-us-president-joe-biden","tag-us-china-rivalry","tag-washington"],"reading_time":"3 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/9750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=9750"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/9750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/9751"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=9750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=9750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=9750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}