U.S. plans new trade pact with 'like-minded partners,' says senior official

The Biden administration will press its competitive goals against China with the launch of a new trade pact in the Americas focused on "like-minded partners" with existing free trade agreements, a senior Biden administration official said on Wednesday.

Washington, which has trade deals with Canada and Mexico, will use its new Americas Partnership for Economic Prosperity to develop new customs, digital trade, labor, environmental and corporate accountability standards despite a lack of any new tariff relief for participating countries. It aims to launch negotiations in early fall, the official said.