Trump asks advisors to study USA re-entering trans-Pacific trade deal negotiations

13 April, 2018, 02:28 | Author: Gregory Stephens
  • President Trump

If the USA were to reenter the TPP, it would be a remarkable about-face for Trump, who repeatedly blasted the trade pact during his 2016 presidential campaign. Now, faced with political consequences of the action, Trump appears to be reconsidering.

Then-President Barack Obama worked on the TPP for two years.

During a meeting with Republican senators on Thursday Trump reportedly said he had asked Larry Kudlow, his national economic council chairman, and the United States trade representative Robert Lighthizer to take another look at the pact - a deal he once called Republicans "stupid" for endorsing.

Trump's request follows him imposing new tariffs on steel and aluminum imports, and nearly starting a trade war with China through additional tariffs. He said China's theft of intellectual property has inflicted serious damage to US companies and threatens the country's future economic outlook. And many economists say the best way to combat a rising China and pressure it to open its market is through multilateral trade deals such as the Trans-Pacific Partnership, which create favorable trading terms for participants. Trump frequently equivocates on policy when faced with opposition, only to reverse course later.

"He multiple times reaffirmed the point that TPP might be easier to join now", said Sasse, a Nebraska Republican who participated in the meeting with Trump. Ben Sasse, R-Neb., said after the meeting.

Trump and his national security team will have "a number of meetings" on a potential response to the recent chemical weapons attack in Syria, the president said earlier Thursday. He has not said precisely what provisions he would want changed.

An agreement could be completed within a few weeks or five months, he said, adding "I don't care". "This will include the countries in TPP, which are very important".


The lawmakers also told the president that joining TPP would allow the United States to counter China's trade "cheating" by "leading" countries that would rather be aligned with Washington than Beijing.

Kevin Kennedy, president of a steel fabrication business in Texas, said tariffs on steel and aluminum imports have led USA steel producers to raise their prices by 40 per cent.

"I have to believe President Xi is smiling all the way to regional domination as a result of our pulling out of TPP".

His decision to pull out of the agreement, one of his first moves as president, was blasted by Republicans who said it put the U.S.at a disadvantage to China on the global stage.

But it's just that kind of trade deal with Pacific countries that would better confront China and its unfair trade practices, Sen.

Little more than a year later, Trump reportedly wants back in. Agriculture and the business services industry would see gains, but manufacturing output and employment would decrease slightly under TPP.

The announcement was welcomed by lawmakers from some farming states. "We're going to raise it up to 15 percent". Gasoline typically contains 10 percent ethanol. Farm-state lawmakers fear that would reduce demand for the biofuels and violate the RFS law. Still, there were some supporters, too.

Recommended:



Popular

UW research links brain injuries with dementia
They identified and cumulative effect, and found dementia risk rises with repeated episodes of brain injury. For example, one traumatic brain injury is associated with about a 22 percent increased risk of dementia.

Luis Severino may have tipped his pitches vs. Red Sox Tuesday
Facing Sale for the first time, Major League Baseball strikeout leader Giancarlo Stanton added a pair of Ks to his total (22). Last night they were almost flawless , combining to go 8-for-9 with eight runs, nine RBIs, four walks and a sacrifice fly.

Mechanic suffers broken leg after being hit by auto
Ferrari announced that it is now investigating as to why Raikkonen was given a green light when one wheel was yet to be changed. Hamilton had his work cut out starting from ninth, and managed to achieve the podium finish he would have been hoping for.

Russian aluminium giant Rusal share price almost halves after U.S. sanctions
The share price of the company "RUSAL" on Monday morning fell more than 40 % on the Hong Kong stock exchange and by 46.9% in the Moscow exchange.

Uber to acquire Jump Bikes, an electric bike rental service
The deal signals the ride-hailing giant's intent to expand its focus beyond cars to other forms of transportation. Uber has announced its purchase of bike-sharing platform Jump, which offers users access to electric bikes.

Brock Lesnar Signs New Deal With WWE After WrestleMania
Despite that, most of the attention has fallen on the speculation regarding what took place backstage after the main event. The Undertaker defeated Cena in less than three minutes, leaving the crowd and television viewers very surprised.

Secret Talks Underway to Prepare for N. Korea-US Summit
While Trump is "looking forward to the summit", the schedule could be late May or even early June, CNN said. A date will be set once the two sides can agree on a location.

Cannes Film Festival to host global premiere of 'Solo
He was been working in Hollywood as well with projects like SINGULARITY; LOVE YOU TO DEATH, THE DARJEELING LTD and HARE KRISHNA. Entertainment Weekly has additional details about the film festival's ties to the franchise and Star Wars creator George Lucas.

High School Student Arrested For Threat Via Social Media
FIMBank plc recently brought IT careers closer to the secondary school Computing students of St. Paul's Missionary College, by means of a seminar held at the Bank's St.

Minnesota Woman Charged with Felony DUI in IL
While the latest arrest came in IL , she has also been arrested before in Kentucky, Wisconsin, Indiana, Minnesota and California. Schleicher reportedly lied about her name, birth date, Social Security number, and about being pregnant.