IPEF failure will hurt US firms on digital trade

Significance Although it does not have the force of law, the IPEF Supply Chain Agreement, along with the associated IPEF Critical Minerals Dialogue, is expected to strengthen chains of critical supplies among the United States and key partners. Impacts The United States is receding further from an active role in shaping economic architecture in the Indo-Pacific. Regional middle powers -- Japan, South Korea, Singapore and Vietnam -- will deepen economic cooperation among themselves. China will fill the space left open by the suspension of the IPEF trade pillar, particularly in South-east Asia.