Trans-Pacific U-turn? Trump proposes rejoining trade agreement he left a year ago

Latest news

    US President Donald Trump has ordered top administration officials to “negotiate entry” back into the Trans-Pacific Partnership (TPP) agreement, the deal he pulled out of last year, describing it as a “horrible” one.

    The apparent U-turn in Donald Trump’s stance on the agreement was announced by Republican senators, following a meeting at the White House on Thursday. The President instructed White House National Economic Council Director Larry Kudlow and US Trade Representative Robert Lighthizer to explore the options to re-join the deal.

    Read more

    Chinese investment in US plunges 36% in 2017, with $400 billion at stake

    “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 is good news that today the President directed Larry Kudlow and Ambassador Lighthizer to negotiate U.S. entry into TPP,” Senator Ben Sasse (R-Nebraska) said in a statement.

    The US president said: “Larry, go get it done,” while instructing the official, Sasse told reporters.

    The TPP was a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States, negotiated in the mid-2000s and signed in February 2016. It never entered force, as most signatories failed to ratify it in time.

    Withdrawing from the TPP was one of the cornerstones of Trump’s presidential campaign. He repeatedly criticized the agreement, calling it a “horrible” deal and a “disaster.” Back in June 2016, Trump claimed that the agreement was, in fact, “pushed by special interests who want to rape our country.”

    “Just a continuing rape of our country. That’s what it is, too. It’s a harsh word — it’s a rape of our country. This is done by wealthy people that want to take advantage of us and that want to sign another partnership,” Trump said at the time.

    Shortly after assuming the office, the US president delivered on his campaign promise and pulled out of the deal, sending it into limbo. Some signatories, however, agreed to rework it without the US and it re-emerged this January under the name, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The deal remained largely the same, but it now contains a list of 20 “suspended provisions,” which were included under Washington’s insistence and are no longer binding.

    Trump signaled a possible reconsideration of the TPP back in January if its terms were more favorable. The US would reenter the deal if it was “substantially better,” he told CNBC at the World Economic Forum in Davos.

    View the original article:

    Like this story? Share it with a friend!

    In the same category are

    China’s ‘Peace Ark’ ship makes maiden visit to Venezuela (VIDEO) A Chinese hospital vessel has moored at a port near Caracas, where its staff will be providing free medical care to Venezuelans. Recently, a similar-c...
    OPEC snubs Trump’s demand to up production at meeting of major oil producers A possible boost in oil production was not discussed at a recent meeting between OPEC and other major oil producing nations, following earlier demands...
    Iran’s elite guards vow ‘deadly’ revenge as Tehran blames US & allies for parade attack Those behind the terrorist attack at the Ahvaz military parade will face “unforgettable vengeance,” Iran’s Revolutionary Guards said, as Tehran persis...
    Does Trump admin want to topple him? Nikki Haley says ‘no one ever talked about the 25th amendment’ No member of the White House administration ever questioned Donald Trump’s ability as the US president or discussed removing him from the office, the ...
    ‘Why did they leave it unlocked?’ Woman steals ambulance from medics doing CPR, leads wild chase An Oregon woman hijacked an ambulance while the paramedics were performing CPR on a patient, then switched on the siren lights and went on a wild 30-m...
    Tel Aviv won’t change Syrian policy despite downing of Russian Il-20 – Israeli defense minister Israel will not cease operations in Syria, Defense Minister Avigdor Lieberman announced just before the Russian military published a detailed chronolo...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.