Trump's TPP Talk Gets A Tepid Response Abroad

Trump's TPP Talk Gets A Tepid Response Abroad

Trump's TPP Talk Gets A Tepid Response Abroad

"Would only join TPP if the deal were substantially better than the deal offered to Pres. Obama", the president tweeted.

So far President Trump's flirtation with rejoining the Trans-Pacific Partnership trade deal is getting a lukewarm reaction from the pact's 11 member states. "What he tells people in a room to make them happy does not always translate into administration policy", said senior fellow at the Chicago Council of Global Affair Phil Levy.

The other TPP countries might be willing to do that in exchange for greater access to the United States market, said Deborah Elms, executive director of the Asian Trade Centre in Singapore.

The Trans Pacific Partnership, a deal Trump once described as a "rape of our country", is a multicountry trade agreement in which the USA participated under President Obama. "I think they want to".

"Senator Ben Sasse, a Republican who represents Nebraska and has been sharply critical of the tariffs, said it was "good news" that the president directed top staff, including US Trade Representative Robert Lighthizer, to negotiate US entry into TPP".

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. But, that also depends on how the negotiations move forward.

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. For instance, ranchers in Australia can send beef to Japan more cheaply than ranchers in the US.

Trump's decision to withdraw from the TPP was among his first actions after he was inaugurated in 2017.

The pact, which was conceived as a counterweight to Beijing's rising economic power in the region, had been negotiated under the administration of former US president Barack Obama, but never approved by US Congress.

The news drew a rebuke from opponents of the multilateral trade pact.

Trump once called the TPP a "death blow for American manufacturing", and it's unlikely the newly-signed agreement will be more to his liking.

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.

"The best thing the United States can do to push back against Chinese cheating now is to lead the other eleven Pacific nations that believe in free trade and the rule of law".

"It's hard to bring part of the pact and renegotiate it", he said, calling it a "well-balanced pact" that carefully addressed the needs of the current 11 member nations.

"Last year, the President kept his promise to end the TPP deal negotiated by the Obama Administration because it was unfair to American workers and farmers", White House Deputy Press Secretary Lindsay Walters said Thursday afternoon.

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