Trump says USA will rejoin Pacific trade pact if terms are improved
- Author: Leroy Wright Apr 14, 2018,
Apr 14, 2018, 21:32
A renegotiated deal without the US was signed in March. "This is done by wealthy people that want to take advantage of us and that want to sign another partnership". "As it stands, the deal today would continue as is going forward", she said.
But Trump is struggling to get support from other countries for his recent threat to impose import tariffs on China and the US farm lobby is arguing that retaliation by China would hit American agricultural exports.
"If it's true, I would welcome it", Japanese Finance Minister Taro Aso responded just hours after President Trump made his surprise statement Thursday. Still, rekindling negotiations could make it hard for China to play off the United States against its allies by promising to shift business from one to another if a trade war breaks out.
Republican senators fresh off a meeting with Trump on Thursday said he has ordered a review of whether the US can join the trade deal.
The difference this time is the White House has a reason to go back to the TPP table - China. They plan on pressing that perceived advantage by detailing new tariffs on Chinese imports and announcing limits on Chinese investment in the USA tech industry, The Wall Street Journal's Bob Davis and Lingling Wei report.
Democratic US Senator Sherrod Brown said he was "very open to a new TPP" as long as it had strong labor rights protections and currency provisions. A trade war with China could be particularly devastating to rural economies, especially for pig farmers and soybean and corn growers. And then he has to do that now with the USA isolated as an outsider.
He Weiwen, a former counsellor at the Chinese consulate in NY, observed that the TPP was one of more than 400 global trade arrangements, but said its rules could help China to open up its economy in fields such as technology, trade and investment. Washington was able to negotiate favorable deals in exchange for exemptions from the steel and aluminum tariffs for its partners who demonstrated good faith.
The central bank is likely to raise interest rates twice more this year as the economy regains momentum in the current quarter but will hold them steady at its April 18 meeting, according to a Reuters poll of economists.
"Clearly, it's a deliberative process and the President is a guy who likes to entertain a lot of different ideas", said Sasse, who has been critical of the administration's withdrawal from the trade deal and other protectionist moves.
Sen. Chuck Grassley, R-Iowa, said in a tweet Thursday that the farm state senators who attended the meeting had each expressed concerns about "nervousness among farmers" because of Chinese retaliation.
WHY: President Trump believes that American food producers have not been treated fairly on the worldwide stage and has committed to levelling the playing field for America's farmers.