Biden talks Taiwan and IPEF but doesn't alter Asia security and trade outlook
US engages Quad, Japan, S. Korea, ASEAN, and makes modest trade (IPEF) and investment (US$150mn for ASEAN) announcements
Does not regain ground lost to China, which has reinforced its trade integration with, and territorial claims in, Asia
US-China friction (eg Biden comment on military action should China 'invade' Taiwan) will persist and shape Asia EM risk

Strategy & Head of Equity Research @ Tellimer Research
