Trump dumps Trans-Pacific Partnership . . . again

20 April, 2018, 01:32 | Author: Diane Mills
  • US President Donald Trump now looking at a backflip on the TPP

"Too many contingencies and no way to get out if it doesn't work", Trump tweeted.

Singaporean Prime Minister Lee Hsien Loong similarly told the US Chamber of Commerce in August 2016 that the ratification of the TPP would be "a litmus test of your credibility", adding that the nation will be better off with its "doors open" to trade.

President Donald Trump this week appeared to extinguish the glimmer of hope he offered USA farmers last week over rejoining the Trans-Pacific Partnership trade treaty.

Withdrawing from a 12 member agreement contract that was negotiated under the tenure of Barack Obama and the Trans Pacific Partnership was one of the first steps taken by President Donald Trump when he stepped into the presidency.

"We are doing [Section] 232 [of the Trade Expansion Act of 1962] on steel and aluminum and if we can come to an arrangement on a new deal between the United States and Japan, that would be certainly something we would discuss".

The trade agreement has received criticism from more USA -based critics than just Trump as political theorist Noam Chomsky has said the deal propels neoliberalism and free market-based agendas that ultimately clamp down on workers' rights throughout the world.

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Last week, Trump directed USA officials to explore returning to the TPP.

Mr Trump, at the end of a two-day visit by Japanese Prime Minister Shinzo Abe at Mar-a-Lago in Florida, told reporters he was now actively pursuing a bilateral deal with Japan. I don't think he's medically unfit to be president.

He then referenced the World Trade Organisation, saying "look how bad" that was for the US. He said at the time that he would pursue individual deals with the other countries.

Trump is hopeful he can trim the "massive trade deficit" with Japan.

His comments last week came after he unexpectedly indicated the USA may rejoin the pact, asking U.S. trade representative Robert Lighthizer and White House economic adviser Larry Kudlow to take another look at the TPP. I much would prefer a bilateral deal, a deal directly with Japan. "We believe we are fairly close to a deal, and we're going to be working earnestly to make that a reality for all of our nations", said Pence at a summit plenary session. We think this area needs more voices, reasoned analysis and ideas than just those provided by News Corp, lifestyle mags, Facebook groups and corporate newsletters.

Trump's mixed signals have put his economic advisers in an awkward position and have raised the hopes of many Republicans in Congress who have been optimistic that he would seek ways to ease trade tensions.

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