Biden launches Indo-Pacific trade deal, warns inflation is "going to be a haul"

Tokyo — President Biden launched a new trade deal with 12 Indo-Pacific nations Monday aimed at strengthening their economies as he warned Americans worried about high inflation that it is "going to be a haul" before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.

Mr. Biden, speaking at a news conference after holding talks with Japan's Prime Minister Fumio Kishida, acknowledged the U.S. economy has "problems" but said they were "less consequential than the rest of the world has."

He added: "This is going to be a haul. This is going to take some time." In answer to a question, he rejected the idea a recession in the U.S. is inevitable.