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renegadebusdallas.com April 21, 2018


Trump's TPP Talk Gets A Tepid Response Abroad

15 April 2018, 12:25 | Marta Robbins

Donald Trump

Donald Trump

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.

Mr Trump's top economic adviser Larry Kudlow said in an interview on Thursday with The New York Times that the request to revisit the deal was somewhat spontaneous.

Both Democrats and Republicans attacked the deal during the presidential campaign, but many business leaders were disappointed when Trump withdrew from the agreement, arguing that the United States would end up with less favorable terms attempting to broker an array of individual trade pacts and that scrapping the deal would empower China.

When President Trump announced the United States' withdrawal from TPP, AFBF President Zippy Duvall encouraged the White House to continue to expand export opportunities for farmers and ranchers.

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

Toshimitsu Motegi, Japan's minister for the TPP, also said it would be hard to change the deal, describing it as a "balanced one, like fine glassware".

"Well, fellas, we've already lost the trade war", the president said in a radio interview with a NY station last week. "I think they want to".

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The remarks were another conciliatory signal from the administration following tit-for-tat tariffs proposals from the world's two largest economies that rattled markets. And now it's $500 billion in deficits and a theft of $300 billion in intellectual property. 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 China's rising economic power in the region, had been negotiated under the Obama administration but never approved by Congress. Mr Trump, who has demanded that any such deal benefit the United States, is unlikely to rejoin the TPP without further concessions for what he has criticised as a awful agreement.

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 11 remaining nations represent 13 percent of global output and include Japan and Canada.

Eleven other countries moved forward with ratifying the trade deal last month.

One of the White House officials said that while the president prefers negotiating bilateral trade deals, a multilateral deal with the TPP countries would counter Chinese competition and would be faster than negotiating one-on-one with each of the 11 other nations.



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