President Joe Biden faced a dilemma on trade in Asia: He couldn’t just rejoin the Trans-Pacific Partnership that his predecessor had pulled the U.S. out of in 2017. Many related trade deals, regardless of their content, had become politically toxic for U.S. voters, who associated them with job losses. So Biden came up with a replacement. During his time in Tokyo, the U.S. will announce which countries are joining the new Indo-Pacific Economic Framework. In the tradition of many trade deals, it’s best known by its initials, IPEF. It is meant to protect workers, build up supply chains and set rules for the digital economy.

Ukrainian President Volodymyr Zelenskyy is calling for “maximum” sanctions against Russia during a virtual speech at the World Economic Forum gathering in Davos, Switzerland. He said Monday that sanctions need to go further to stop Russia’s aggression, including an oil embargo, blocking all of its banks and cutting off trade with Russia completely. Zelenskyy also says Ukraine needs at least $5 billion per month. He says the country has “more than half a trillion of dollars in losses." He added that tens of thousands of lives could have been saved if Ukraine had “received 100% of our needs at once, back in February” in terms of weapons, funding, political support and sanctions against Russia.