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During President Biden's trip to Japan today, the White House announced the launch of Indo-Pacific Economic Framework (IPEF) talks with the United States, Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Others may join later.
During President Biden's trip to Japan today, the White House announced the launch of Indo-Pacific Economic Framework (IPEF) talks with the United States, Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Others may join later.
Academics and representatives of civil society organizations in those countries, many of whom are veterans of the international movement that derailed the Trans-Pacific Partnership (TPP), reacted to this announcement. These reactions reflect a shared demand for any Indo-Pacific discussions to advance a genuine alternative to the failed 20th century free trade model, which has undermined governments' ability to regulate Big Tech and other large corporations, and must be conducted in a transparent and participatory manner.
Kate Lappin, Asia Pacific Regional Secretary, Public Services International (PSI)
Contact: kate.lappin@world-psi.org
[PSI's Asia and Pacific region covers 122unions in 22 countries, (including IPEF countries announced today) and related territories with a membership of two million workers. The regional office is based in Singapore.]
"The proposed Indo-Pacific Economic Framework threatens to provide another space for multinational corporations to undermine democracy and establish global rules that put profits before people. Instead of creating new trade rules, countries should be focusing on removing trade rules that have proven to be barriers to global public health, access to vaccines, medicines and treatment and blocking fair and equitable recovery."
Dr. Patricia Ranald, Convener, Australian Fair Trade and Investment Network
Contact: campaign@aftinet.org.au
"IPEF cannot meet its claimed goals of improving workers' rights and environmental standards without a far more transparent process with genuine involvement of unions, environment groups and other civil society groups. It will certainly not meet such goals if it is modeled on the Trans-Pacific Partnership, which entrenched medicine monopolies, gave special rights to corporations to sue governments through Investor-State Dispute Settlement (ISDS) and deregulated digital trade in ways which make it harder to tackle the market dominance of Big Tech companies."
Sun Kim, M.S., Ph.D., Director, Research Center on Health Policy, Research Center on Global Solidarity, People's Health Institute (PHI), South Korea
"With the lowest margin ever, the newly elected South Korean president is hastily pushing to join this unprecedented negotiation platform. Nobody knows the content of it nor the intention of the new government. A South Korean farmers' group has already expressed their concerns in the government's process of joining the CPTPP agreement, but they again face this situation. Any international negotiation, especially the ones that would heavily impact the people's health and living, should engage the people that will be affected, and their voices must be heard and included. The concern of South Korean civil society is not the functionality of the Samsung semiconductor plant, but the North Korean people's lives under the current Covid outbreak, with a severe lack of resources due to the embargo driven by the U.S. government."
Shoko Uchida, Co-director of Pacific Asia Resource Center (PARC), Japan
Contact: kokusai@parc-jp.org
"We, the civil society of Japan, express great concern about the IPEF as a new economic framework. While tariff reductions are apparently not included, the digital economy and strengthening supply chains are said to be among the issues to be discussed. In the midst of the COVID 19 pandemic and as the food and energy crisis is about to become a reality, we are reminded of the problems with existing "free trade" rules, like those included in the TPP. To achieve a world where "no one is left behind," we need different model for trade that contributes to workers' rights, farmers' sovereignty, the environment, human rights, and local economies."
Dr. Jane Kelsey, retired law professor, trade justice campaigner, Aotearoa, New Zealand
"Given the US's long history of writing global trade rules on behalf of its mega-corporations, we view the IPEF with deep skepticism. If President Biden, USTR Tai and Commerce Secretary Raimondo can produce a real alternative that puts people and the planet front and centre, and can convince our governments to genuinely support that new paradigm, we will work to make it succeed. But if IPEF is just another way to promote the old corporate agenda, and a proxy for the US's geopolitical goals, we will campaign against it like we did with the TPPA."
Annie Enriquez Geron, General Secretary of Public Services Labour Independent Confederation (PSLINK), Philippines
annieenriquezgeron1958@gmail.com
"Workers in ASEAN know that trade rules, written by corporations and wealthy countries, are a way to drive down wages and enable privatization of our public services, resources and now even of our data."
Joseph Purugganan - Coordinator, Trade Justice Pilipinas
Dr. Rene Ofreneo - President, Freedom from Debt Coalition
"As if the high prices of medicines, vaccine apartheid, and the blocking of the COVID TRIPS waiver at the WTO were not enough, corporations, working through the governments of rich countries, want us in the developing world to now agree to the IPEF, where they are trying to strengthen the monopoly of big pharma over medicines through even longer and stronger intellectual property protection, while at the same time exposing our beleaguered and debt-strapped nations to investor-to-state dispute settlement and demanding digital economy provisions that would undermine our digital sovereignty. IPEF's digital economy provisions are likely to lock in the de facto tax-exempt status of big platforms, which at the global level already benefit from tax planning. This means more foregone revenues for the government and competitive disadvantage for local firms who pay all sorts of national and local taxes."
Mohideen Abdul Kader, President of Consumers' Association of Penang, Malaysia
"The IPEF would be detrimental for Malaysia. US multinational companies are openly pushing for provisions that would prevent the Malaysian government from preferentially purchasing from local companies, and for stronger intellectual property protection that would make medicines more expensive. The digital economy provisions would undermine Malaysia's privacy, consumer protection, health, environmental, financial, tax and other crucial regulations, while investor-to-state dispute settlement provisions would restrict Malaysia's ability to regulate and expose it to paying billions of dollars in penalties to foreign investors. These are among the problematic provisions that are unacceptable for Malaysia."
Arthur Stamoulis, Executive Director, Citizens Trade Campaign, United States
Contact: media@citizenstrade.org
"The first step in developing a new, 'worker-centered' trade model is partnering with nations committed to upholding core labor and human rights standards. The ongoing rights abuses in the Philippines and some other IPEF members would undermine Biden administration's goal of establishing a new model for international trade that prioritizes working people over corporate interests."
Melinda St. Louis, Director of Public Citizen's Global Trade Watch, United States
Contact: mstlouis@citizen.org
"Now that IPEF has officially launched, it's time to learn the details. How will President Biden guarantee a transparent and participatory process? Will strong labor and environmental standards be at IPEF's core? Or will countries commit to extreme Big Tech-friendly digital trade terms at the expense of workers' rights and consumer privacy? Public Citizen is eager to see and help design the "worker-centric" trade policy needed to promote equality, sustainability, and prosperity in the global economy."
V.Narasimhan, General Secretary, All India National Life Insurance Employees Federation
"Indian workers and farmers have successfully fought against trade agreements that threaten our jobs, livelihoods and public services. We stopped India from joining the RCEP and we will do the same if the IPEF or any other trade agreement includes rules that benefit foreign investors and not the people of India."
Parminder Jeet Singh Forum on Trade and Development, India
"Indian civil society organisations (CSOs) are very concerned about the potential implications of Indo-Pacific Economic Framework (IPEF). Regional and global economic partnership projects should aim at assisting national economies develop national autonomy and resilience, and develop international trade on their own terms, rather than become means to coerce less powerful countries to mortgage their economic independence to global economic powers and multinational companies. This is also a key lesson from the COVID-19 epidemic.
We are especially concerned that IPEF will also be employed to curtail much needed efforts for digital industrialisation and sovereignty of countries, and herald a new era of digital colonialism.
Indian CSOs are also extremely worried that companies are demanding stronger intellectual property protection on medicines, investor-to-state dispute settlement and other provisions from the very problematic Trans-Pacific Partnership and any IPEF should not contain any of these provisions."
Evi Krisnawati, President of FSP FARKES R
(Pharmaceutical and Health Workers Union - Indonesia)
Contact: kevi1812@yahoo.com
"The pandemic has allowed multinational corporations to gain obscene profits, protected by trade rules they designed. The last thing our government should be doing is negotiating new trade rules that could give even more power to Big Tech and others to profit and to control data that might be needed for public health and public good."
Rachmi Hertanti, Trade Campaign Activist, Indonesia
"The IPEF is once again a treaty model that will only serve the corporate interests rather than the people itself. The high standard provisions regulated under IPEF does not serve for the protection of the people's rights, but as a competition model to impede the competitiveness of developing countries in ASEAN. And it will facilitate the high protection of the US corporate rights from the unfair trade practices from other competing countries, like China for instance. It's still unclear how the US will set up a clear standard for the real human rights and environmental protection."
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
(202) 588-1000A new analysis shows that over 40% of all US adults are unable to fully pay off their credit cards each month, leaving them trapped in "cycles of persistent debt."
US President Donald Trump promised repeatedly during his 2024 campaign to temporarily cap credit card interest rates at 10%, but—in the face of Wall Street opposition—he has done nothing concrete to fulfill that pledge since returning to the White House.
That failure, according to an analysis released Tuesday, has so far cost Americans $134.5 billion in interest payments. Every day, The Century Foundation (TCF) and Protect Borrowers estimate, US credit card holders are accruing $368 million more in interest than they would have if rates were capped at 10%. The average interest rate for credit cards in the US is currently around 25%, according to a Forbes measure.
In January, Trump called on Congress to approve a 10% cap on credit card interest rates for one year, and bipartisan legislation has been introduced in both the House and the Senate. But the president has not pressured bank-friendly Republicans to back the measure, and he vowed earlier this month to refuse to sign any legislation that reaches his desk unless lawmakers approve a massive voter suppression bill that is likely dead in the Senate.
“Trump could work with Congress to deliver on his promise to cap credit card interest rates at 10%—saving the average American with credit card debt about $900 a year," Sen. Elizabeth Warren (D-Mass.) said Tuesday. "But he is too busy siding with Wall Street.”
The new analysis by TCF and Protect Borrowers shows that over 40% of adults in the US are "unable to pay off their credit card bills each month, trapping them in cycles of persistent debt that balloons ever-higher due to record-high, industry-inflated interest rates and predatory fees."
Collectively, around 111 million Americans carry more than $1 trillion in credit card debt month to month, according to the analysis, and more than 27 million Americans can't afford more than the minimum monthly payment on their cards.
"Americans’ monthly credit card payments have grown by nearly 40% since 2018, a trend that is continuing unabated under President Trump," TCF and Protect Borrowers found. "From 2018 to 2025, the average monthly credit card payment rose by $553, or 38% (from $1,441 to $1,994). This growth far outstrips inflation."
"Since Trump’s inauguration alone, the average annual amount that Americans pay in credit card bills grew by an additional $1,177 (from $22,756 to $23,933)," the groups added. "The pace of this growth suggests that, in large part due to soaring interest rates, families today devote more income to credit card payments than at any point in history."
The nation's worsening credit card debt crisis comes amid a broader affordability crisis in an economy that Trump has hailed as the "greatest" in history, despite all the glaring evidence to the contrary.
A West Health-Gallup Center on Healthcare in America survey published last week found that roughly a third of respondents—equivalent to more than 80 million Americans—said they have had to skip a meal, borrow money, cut back on utilities, or make other painful trade-offs to afford healthcare expenses over the last 12 months as prices continue to rise across the economy.
“Grocery, utility, and healthcare bills are piling up, and Americans are increasingly turning to credit cards—some carrying interest rates exceeding 22%—just to make ends meet,” Jennifer Zhang, policy, research, and data Analyst at Protect Borrowers and co-author of the new analysis, said Tuesday.
“President Trump promised to tackle crushing credit card interest rates by January 20 of this year," Zhang added, "but that deadline has come and gone."
"Republicans don’t give a damn about the American people and will continue to make your life more expensive," said House Democratic leader Hakeem Jeffries (D-NY) in response.
White House National Economic Council Director Kevin Hassett caused a stir on Tuesday when he indicated that the prospect of US consumers getting hurt by a protracted conflict with Iran was not of particular concern to the administration.
During an interview on CNBC, Hassett dismissed concerns about the Iran war, which is now in its third week, dragging on indefinitely.
"The US economy is fundamentally sound," Hassett claimed. "And if [the war] were to be extended, it wouldn't really disrupt the US economy much at all. It would hurt consumers, and we'd have to think about, you know, if that continued, what we would have to do about that, but that's, like, really the last of our concerns right now... because we're very confident that this thing is going ahead of schedule."
Hassett: "If the war were to be extended, it wouldn't really disrupt the US economy very much at all. It would hurt consumers, and we'd have to think about what we'd have to do about that, but that's really the last of our concerns right now." pic.twitter.com/PVr63QO9Iv
— Aaron Rupar (@atrupar) March 17, 2026
In fact, US consumers are already hurting financially from the effects of the Iran war, which has caused the price of both oil and gasoline to skyrocket. Petroleum industry analyst Patrick De Haan reported on Tuesday that the average price of gas in the US has reached $3.80 per gallon, while the average price for diesel fuel has reached $5.03 per gallon.
The war's impact on oil and gas prices has been exacerbated by Iran closing down the Strait of Hormuz to shipping, and so far there is no indication that it will be reopening anytime soon.
Democratic lawmakers quickly pounced on Hassett's admission that pain for US consumers was "the last of our concerns right now."
"The Trump administration is saying the quiet part out loud," said Sen. Elizabeth Warren (D-Mass.), "the higher costs you're paying are the LAST of their concern."
"Trump's team of Epstein class advisors says it out loud more often than you’d think: 'consumers are the last of our concern right now,'" commented Sen. Chris Murphy (D-Conn.).
"Well I’m not some sort of political expert but this feels like an unhelpful thing to say," remarked Sen. Brian Schatz (D-Hawaii).
"Trump economic advisor says consumer pain is the last of their concerns," commented Sen. Ruben Gallego (D-Ariz.). "Tell that to Americans paying almost twice as much for gas as they were a month ago."
"The Trump administration has once again said the quiet part out loud," said House Democratic leader Hakeem Jeffries (D-NY). "Republicans don’t give a damn about the American people and will continue to make your life more expensive. You deserve better."
"American families don't need a report to tell them that the president has broken his campaign promise to slash energy costs."
Over two weeks into President Donald Trump and Israel's illegal war on Iran, which is driving up oil prices around the world, Democrats on the congressional Joint Economic Committee revealed Tuesday that the average US electric bill increased by $110, or 6.4%, last year.
The Democratic JEC staff compared monthly data from the federal Energy Information Administration for 2024, when Trump was campaigning to return to office against then-Democratic Vice President Kamala Harris, and 2025, when the Republican returned to power, having repeatedly promised to cut electric bills in half.
The JEC report highlights that last year's national average was "even higher than the increase the committee projected last November," plus "annual electricity costs were higher in 2025 in nearly every state, and were at least 10% higher in 12 states and DC."
The states with the highest bills were Connecticut and Hawaii, which each had an average of $2,490 for 2025. They were followed by Alabama at $2,230, Maryland at $2,220, Massachusetts at $2,190, Texas at $2,080, and Florida at $2,010.
In terms of the largest increases last year, the District of Columbia saw the biggest jump: a 23.5% rise from $1,360 to $1,680. New Jersey led all states with a 16.9% hike from $1,540 to $1,800, followed by Illinois at 15.9%, Pennsylvania at 12.1%, Kentucky at 11.8%, Maryland and Tennessee at 11.6%, New York at 11.4%, Ohio at 11.1%, and Missouri at 11%.
"American families don't need a report to tell them that the president has broken his campaign promise to slash energy costs; they already feel the impact of President Trump's actions every single day," said Sen. Maggie Hassan (D-NH), the panel's ranking member. "But this report is yet another indication that sky-high costs are continuing to rise—and are continuing to hurt American families."
Throughout last year, lawmakers and other experts warned of various policies expected to drive up utility bills, including the Republican budget package, or so-called One Big Beautiful Bill Act, which eliminated tax credits for solar and wind energy.
"Trump and Republicans are accelerating their self-inflicted energy crisis with continued project cancellations," the group Climate Power declared in a December report that blamed the administration for hurting "projects that would have produced enough electricity to power the equivalent of 13 million homes."
The Trump administration is also advocating for the construction of artificial intelligence data centers, despite warnings that the unregulated buildup of such facilities is causing local electricity costs to soar, plus threatening nearby communities and the global climate.
There's also US liquefied natural gas (LNG) exports, which are not only exacerbating the fossil fuel-driven climate emergency but also pushing up energy prices for Americans, as Public Citizen detailed in a December report. The watchdog noted that "1 in 6 Americans—21 million households—are behind on their energy bills," which "are rising at twice the rate of inflation."
"Energy Secretary Chris Wright and Interior Secretary Doug Burgum have acted as global gas salesmen, traveling to Europe to push exports and gut European methane regulations while attacking mainstream climate science," Tyson Slocum, report author and director of the Public Citizen's Energy Program, said at the time. "Meanwhile, Trump has done nothing to keep prices down at home."
The report preceded Big Oil-backed Trump launching a war on Iran without congressional authorization. While causing oil prices to skyrocket, his Operation Epic Fury is expected to boost the US LNG industry, with one expert projecting earlier this month that American companies could see up to $20 billion per month in windfall profits if the global market is deprived of Qatari gas until the summer.