Trump Wants to Rejoin Pacific Trade Pact

13 April, 2018, 07:22 | Author: Angel Logan
  • Trump orders a review of TPP trade pact stance

Mr. Trump, who has demanded that any such deal benefit the United States, is unlikely to rejoin the Trans-Pacific Partnership without further concessions for what he has criticized as a bad agreement.

He adds, though, that it would be hard to renegotiate only parts of it, describing the agreement as delicate.

President Donald Trump on Thursday ordered his top economic and trade advisers to look into rejoining the Pacific Rim trade pact that he abandoned past year three days after taking power.

In a surprising reversal, President Trump told a gathering of farm state lawmakers and governors Thursday morning that he is directing his advisers to look into rejoining the trade deal known as the Trans-Pacific Partnership, a deal he pulled out of within days of assuming the presidency.

Earlier this year, the remaining 11 TPP nations, including Japan and Canada, announced they struck an alternative agreement without the US. Japan was among the 11 other countries that signed it last month without the U.S. It would be aimed at opening US farmers to more overseas markets.

President Trump, who held the White House meeting aimed at easing the high anxiety of Midwest lawmakers as a result of the China trade dispute, has previously not ruled out rejoining the TPP.

Kansas Sen. Pat Roberts says Trump wants "to see if we couldn't take another look at TPP". Now, suddenly, the president that has railed against trade pacts featuring the US and more than one other partner is considering joining TPP.

The president says China has consistently treated USA agriculture unfairly and his administration is "changing things with respect to trade".

Director of National Government Relations Robert White says it could help alleviate some of the financial pain farmers are feeling as a result of back-and-forth tariffs with China.

Singaporean Prime Minister Lee Hsien Loong similarly told the US Chamber of Commerce in August 2016 that the ratification of the TPP would be "a litmus test of your credibility", adding that the nation will be better off with its "doors open" to trade. Ben Sasse of Nebraska, who has been a sometimes-Trump critic, applauded the president's willingness to reconsider his order to remove America from the trade alliance.

Exporters, such as farmers, have said they are now concerned that the United States will be at a disadvantage to competitors in the region. Now, with US influence erased from its design, Trump dreams of resetting the terms in our favor.

Kennedy is appearing before the House Ways and Means Committee, which is examining the impact of tariffs.

When China answered those aluminum and steel tariffs with huge tariffs on farm products like pork, soybeans and corn, growers felt a sting of betrayal.

At his Senate confirmation hearing for the post of Trump's next secretary of state, Central Intelligence Agency director Mike Pompeo was asked about reports that Trump planned to re-engage on TPP and replied: "That news was news to me".

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