Sunday, 21 October, 2018

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

President Donald Trump arrives to speak in the Diplomatic Reception Room of the White House on Friday President Donald Trump arrives to speak in the Diplomatic Reception Room of the White House on Friday
Ellis Copeland | 14 April, 2018, 21:36

His comments on Twitter late on Thursday came only hours after he unexpectedly indicated the United States might rejoin the landmark pact, and amid heightened volatility in financial markets as Washington locked horns with China in a bitter trade dispute.

Deborah Elms, executive director of the Asian Trade Centre in Singapore, wrote in a blog post that the original members of the TPP spent "5 long and painful years negotiating the deal only to be left at the altar" by the USA, adding that "no one is likely to be in any mood to consider new demands by the United States". He took a shot at longtime ally Japan in a late-night tweet Thursday clarifying his stance on the TPP, saying the nation "has hit us hard on trade for years!"

It's important to check what Trump actually said, Finance Minister Taro Aso said.

Among those who supported the Trans-Pacific Partnership was Trump's nominee to head the State Department, Mike Pompeo, who said during his confirmation hearing Thursday that the United States needs "to be deeply engaged" in dealing with China.

Australian Prime Minister Malcolm Turnbull said it would be "great" to have the USA back in the pact though doubted it would happen.

"Our intelligence tells us otherwise".

And the US still has plenty of economic pull to lure the TPP nations back to the table.

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Watanabe added that if the United States were to rejoin the pact there may be less of an appetite for demanding negotiations with Japan over a bilateral trade deal, an issue which has caused frictions between the two countries. He only believed that because it was President Barack Obama's deal it must be bad.

Lawmakers on Capitol Hill have been renewing their pitches for the pact - rather than Trump's threats of steep tariffs on steel and other products - as a way to counter China on trade. Sen. Trump is no stranger to playing to the room, and the one he presided over Thursday was full of farm-state lawmakers and governors anxious about economic ravages of a trade war with China. John Thune (R-S.D.). "He was very, I would say, bullish about that".

Trump's threat drew a quick response from Russian Federation, who said that missiles would destroy evidence of suspected chemical weapons attack.

The United States on Friday blamed the Syrian government for a deadly chemical weapons attack this month and slammed Russian Federation for failing to stop its ally, President Bashar al-Assad, as Western allies considered military strikes on Syria. 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. "A country the size of America, and the optics of having the United States actually sign on to an agreement which is in contrast to what they've done in the last couple of months in relation to increasing tariffs is quite significant", Mahar said.

"But he multiple times reaffirmed the point that TPP might be easier for us to join now once the TPP-11 is aligned and we might be the 12th party to those negotiations, as opposed to the long process that it took to get to TPP".

In addition to higher oil prices, the currency has benefited recently from investor optimism over a deal to revamp the North American Free Trade Agreement, stronger-than-expected domestic jobs data and an upbeat business survey from the Bank of Canada. Opting to stay in Washington while a response to the Syria gas attack is being planned, the President is sending Vice President Mike Pence to represent the United States at the triennial, 35-nation meeting.

Japanese Prime Minister Shinzo Abe will meet Trump next week. And for the U.S.to try to get back in once we've already left the deal is going to be even more complicated than it was when we were trying to negotiate the deal from the center of the table.

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