Quantcast
Connect with us

Trump seeks better terms to reconsider TPP entry

Published

on

U.S. President Donald Trump said the United States would only join the Trans Pacific Partnership, a multinational trade deal his administration walked away from last year, if it offered “substantially better” terms than those provided under previous negotiations.

His comments, made on Twitter late Thursday, came only hours after he had unexpectedly indicated the United States might rejoin the landmark pact, and amid heightened volatility in financial markets as Washington locked horns with China in a bitter trade dispute.

ADVERTISEMENT

Trump had told Republican senators earlier in the day that he had asked United States Trade Representative Robert Lighthizer and White House economic adviser Larry Kudlow to re-open negotiations.

In his Twitter post, which came during Asian trading hours, Trump said the United States would “only join TPP if the deal were substantially better than the deal offered to Pres. Obama. We already have BILATERAL deals with six of the eleven nations in TPP, and are working to make a deal with the biggest of those nations, Japan, who has hit us hard on trade for years!”

Policymakers in the Asia-Pacific region on Friday responded to the possibility of the U.S. rejoining the trade deal with scepticism.

“If it’s true, I would welcome it,” Japanese Finance Minister Taro Aso told reporters after a cabinet meeting on Friday and before Trump’s tweet. Aso added that the facts needed to be verified.

Trump “is a person who could change temperamentally, so he may say something different the next day”, Aso said.

ADVERTISEMENT

Australian Prime Minister Malcolm Turnbull, commenting after Trump’s tweet, said it would be “great” to have the U.S. back in the pact though doubted it would happen.

 “We’re certainly not counting on it,” Turnbull told reporters in Adelaide in South Australia.
The TPP, which now comprises 11 nations, was designed to cut trade barriers in some of the fastest-growing economies of the Asia-Pacific region and to counter China’s rising economic and diplomatic clout.

Trump, who opposed multilateral trade pacts in his election campaign in 2016 and criticized the TPP as a “horrible deal”, pulled the U.S. out of the pact in early 2017. He argued bilateral deals offered better terms for U.S. businesses and workers, and signaled an intention to raise trade barriers.

ADVERTISEMENT

But Trump is struggling to get support from other countries for his recent threat to impose import tariffs on China and the U.S. farm lobby is arguing that retaliation by China would hit American agricultural exports.

Trade experts believe Trump is probably trying to placate his political base in the wake of criticism over the U.S.-China China tariff standoff.

ADVERTISEMENT

“Well I think you have to take it seriously but I think there is an enormous chance that this is simply posturing or a tactical decision taken to placate concerned governors and senators from agricultural states that could be affected by China imposing tariffs,” said Charles Finny, a Wellington-based trade consultant and a former New Zealand government trade negotiator.

 “I think it’s very important for people to realize, particularly given this most recent tweet, if there is a negotiation it will not be an easy one. It will take a long time and also there is huge risk around ratification.”
NEW PROCESS
Even before Trump’s official withdrawal last year, U.S. participation in the pact was seen as increasingly unlikely due to opposition in the U.S. Congress.

The United States entered TPP negotiations in 2008. In 2016, then President Barack Obama’s administration abandoned attempts to push the pact through Congress.

ADVERTISEMENT

The other 11 countries forged ahead with their own agreement without U.S. participation, and in the process eliminated chapters on investment, government procurement and intellectual property that were key planks of Washington’s demands.

New Zealand Prime Minister Jacinda Ardern, noting the progress made by the 11 countries after Trump abandoned the deal, also flagged challenges to the Untied States rejoining the pact.

“If the United States, it turns out, do genuinely wish to rejoin, that triggers a whole new process,” she told reporters in Auckland.

“There would be another process and so, at this stage we are talking hypotheticals.”

ADVERTISEMENT

The 11-member pact includes Mexico and Canada, which are in the process of re-negotiating the terms of the North American Free Trade Agreement with the United States.

A Canadian government official said on Thursday there had not been any formal outreach from the United States about the pact.

Japanese Prime Minister Shinzo Abe will meet Trump next week. Japan, a close U.S. ally, is a member of the TPP.

Reporting by David Chance, Patricia Zengerle and David Brunnstrom in WASHINGTON, David Ljunggren in OTTAWA, Tetsushi Kajimoto in TOKYO and Charlotte Greenfield in WELLINGTON, Brendan O’Brien in MILWAUKEE; Writing by Shri Navaratnam; Editing by Sam Holmes

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump fumes over Roger Stone’s conviction — and demands to know when Mueller and ‘Shifty Schiff’ get prosecuted

Published

on

President Donald Trump reacted to Roger Stone's guilty verdict by threatening to jail at least 12 of his political opponents.

His longtime associate was convicted on seven counts, including lying to Congress, on charges brought by special counsel Robert Mueller as part of the investigation of Russian election interference.

"So they now convict Roger Stone of lying and want to jail him for many years to come," Trump tweeted. "Well, what about Crooked Hillary, Comey, Strzok, Page, McCabe, Brennan, Clapper, Shifty Schiff, Ohr & Nellie, Steele & all of the others, including even Mueller himself? Didn’t they lie?"

Continue Reading

Breaking Banner

Roger Stone convicted on all seven counts on charges filed in Mueller probe

Published

on

Roger Stone was convicted Friday on multiple counts on charges brought by special counsel Robert Mueller.

The longtime associate of President Donald Trump was convicted on all seven counts.

He was charged with lying to Congress, obstruction of Congress, witness tampering and other crimes.

Stone was the nexus between the Trump campaign and WikiLeaks coordinating the release of emails stolen from the Democratic National Committee and Hillary Clinton's campaign chairman by Russian hackers, according to investigators.

He potentially faces up to 50 years in prison under the statutes, but most likely will be sentenced to far less.

Continue Reading
 

Facebook

Trump’s attack on Yovanovitch is ‘exactly’ what Republicans hoped wouldn’t happen: Fox News producer

Published

on

President Donald Trump attack on former Ukraine ambassador Marie Yovanovitch is "exactly" what Republicans hoped wouldn't happen during the impeachment hearings, according to Fox News' senior Capitol Hill producer.

As Yovanovitch testified during the second public House impeachment hearing on Friday, Trump said on Twitter that everywhere she "went turned bad."

"She started off in Somalia, how did that go? Then fast forward to Ukraine, where the new Ukrainian President spoke unfavorably about her in my second phone call with him. It is a U.S. President’s absolute right to appoint ambassadors," he tweeted.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image