Trump Considers Reopening Door to Trans-Pacific Partnership
Trump Considers Reopening Door to Trans-Pacific Partnership
Donald Trump Sheikh Tamim bin Hamad al Thani
15 April, 2018, 01:10
Trump had tweeted that the United States would only join TPP if the deal were substantially better than the deal offered to former president Barack Obama.
The 11-nation trade deal, which was renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership after the USA withdrew, was signed in March but won't come into force until it's ratified by individual nations.
New Zealand already has a separate trade deal with the world's second-largest economy, China.
Exporters, such as farmers, have said they are now concerned that the United States will be at a disadvantage to competitors in the region.
As he often does, the President started to change gears after hearing complaints from important constituents - in this case, Republican lawmakers who said farmers and other businesses in their states would suffer from his trade approach because they send many of their products overseas. "I think they want to".
Ministers from Japan, Australia and Malaysia welcomed President Donald Trump directing officials to explore returning to the Trans-Pacific Partnership, a pact he withdrew from shortly after coming to office.
When President Trump ordered the USA withdrawal from TPP trade negotiations in January 2017, the deal was widely seen as catering to American interests, given that US negotiators helped shape the deal since 2008. She says mixed signals from the administration could cause problems.
The S&P 500 Index closed up 0.8% and the Dow Jones Industrial Average added nearly 300 points, or 1.2%, as investors assessed the changing trade dynamics.
The TPP, a trade deal that was to involve 12 countries including the United States, was conceived under former President Barack Obama as a way to counter China's surging power in the region. Asian stocks climbed as equities in Japan and Australia advanced.
Withdrawing from the deal was one of Mr Trump's first acts as president, delivering one of his core campaign promises. Ben Sasse had told reporters that Trump was reconsidering the withdrawal from the trade agreement, which Obama Administration had negotiated with 11 other Pacific Rim countries to promote free trade by reducing barriers between them. Many economists say the best way to combat a rising China and pressure it to open its market is through multilateral trade deals like the TPP, which create favourable trading terms for participants.
Democrat Senator Sherrod Brown, said he was "very open to a new TPP" as long as it had strong labor rights protections and currency provisions.
Comparing the multicountry trade agreement to "a glasswork", Yoshihide Suga, Japan's chief cabinet secretary, cautioned against any efforts to change it to accommodate Trump. "This whole trade thing has exploded", Mr Kudlow said.
The 11 remaining nations represent 13 percent of global output and include Japan and Canada.
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