Saturday, 26 May, 2018

President Trump Gives Conditions on Re-entering the Trans-Pacific Partnership

Trump-448 President Trump Gives Conditions on Re-entering the Trans-Pacific Partnership
Steven Clarke | 15 April, 2018, 01:04

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.

Trump had remained sharply critical of the pact and said that he would instead negotiate trade agreements one on one, a tactic he says gives the United States better leverage over its trading partners.

"You'd need a whole renegotiation", he said. "There is no deadline".

"There's no deadline. We'll pull a team together, but we haven't even done - I mean, it just happened a couple hours ago", Kudlow added.

On the heels of bombshell news that President Donald Trump is exploring the possibility of rejoining the Trans-Pacific Partnership, the United States is seeking to contain expectations. This will include the countries in TPP, which are very important. With congressional elections later this year, he now faces pressure from some Republican lawmakers anxious that his protectionist policies could spiral into a trade war with China that would hit rural America.

The deal, negotiated by the Obama administration, was largely intended as a tool to prod China into making economic changes that the USA and others have long wanted.

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"The idea was to set a framework that eventually China would have to accommodate", said Massachusetts Institute of Technology economist David Autor.

Mr Trump ordered his staff to evaluate rejoining "on our terms", according to accounts from the meeting. Asian stocks climbed as equities in Japan and Australia advanced. "We're here to advocate for the industry - that's No. 1 - but we also are here to sift through some of the rhetoric and line that up with the reality", Priest said.

Rejoining the pact could be a complex task. The TPP member nations have spent the 15 months since the country's exit renegotiating the deal and signed a massive multinational deal this year. And any kind of concessions the Trump administration ask for will likely be a tough sell. That could complicate talks as Japan maintains that it has already given all the concessions it could, said trade expert William Reinsch of the Centre for Strategic and International Studies. It could be a way to assuage American farmers and businesses hurt by Chinese tariffs by assuring robust markets for USA products in countries that signed onto the deal, like Japan, Australia and South Korea.

"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 in a statement Thursday.

Trump had tweeted that the USA would only join TPP if the deal were substantially better than the deal offered to former president Barack Obama.

Comedian Will Ferrell taken to hospital after rollover crash in Southern California
Thursday on northbound Interstate 5, north of La Paz Road in Mission Viejo, according to the California Highway Patrol . The SUV occupied by Ferrell and his colleagues had been in the HOV lane when it was struck by the other vehicle.

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