The Biden administration unveiled a new proposed U.S. economic partnership with Latin America on Wednesday as regional leaders gathered for a summit in Los Angeles whose agenda has been undermined by discord over the guest list.
Biden’s plan would aim to mobilize corporate investments, revitalize the Inter-American Development Bank and create clean energy jobs.
It stops short of offering tariff relief and will initially focus on “like-minded partners” that already have U.S. trade accords.
Negotiations are expected to begin in early fall. Summit of the Americas has been marred by a partial boycott by leaders upset at Washington’s decision to exclude Communist-run Cuba.
China has widened the gap with the United States in trade terms in large parts of Latin America.
The data show how Washington is being pushed onto the back foot in the region. Outside of Mexico, the top U.S. trade partner, China has overtaken the US in LATAM. Diplomatic tensions erupted this week when Washington opted not to invite three countries.