What's the point of Biden's Indo-Pacific Economic Framework?

The IPEF is a U.S.-driven proposal intended to foster strong relationships among participating countries and "​​create a stronger, fairer, more resilient economy for families, workers, and businesses in the United States and in the Indo-Pacific region," the White House said. Member countries, aside from the U.S., include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam — though others could eventually join.

The specific details of the framework are still being negotiated, but will focus on four main policy pillars, each of which will be led by...