US president Joe Biden has scrapped planned stops in Australia and Papua New Guinea following his trip to Japan for the G7 meeting to return for continuing negotiations with Republicans over raising the US debt ceiling. The decision to cut short the president's trip threatens to undermine efforts by the administration to strengthen ties in the Pacific, in a bid to counter Chinese influence.
Shortly after Biden's cancellation, Australian prime minister Anthony Albanese announced that the Quad meeting in Sydney next week would no longer go ahead and instead the meeting of the four leaders including Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishidato take place in Japan over the weekend.
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Quick Edit: The market's green role
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