Trump flips on trade pact, weighs rejoining Pacific-Rim deal
Apr 13, 2018, 01:53
Trump is also reconsidering his stance on the behemoth trans-Pacific trade deal as he inches closer to a trade war with China.
Trump's decision to consider a return to the trade deal comes as the United States and China trade escalating tariffs on products such as Chinese steel and electronics, and USA aluminum and food products.
Roberts and Sasse said they poured cold water on the president's idea that if tariff tensions with China escalate, he will provide federal aid to USA farmers.
"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".
Before President Obama left office, advocates for the sweeping Pacific Rim deal argued that the agreement was important for the United States because it would anchor the nation in the rapidly growing Pacific region while providing a buffer against China. "This will include the countries in TPP, which are very important".
"I have to believe President Xi is smiling all the way to regional domination as a result of our pulling out of TPP". Some signatories, however, agreed to rework it without the USA and it re-emerged this January under the name, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He expects an announcement in the months ahead and believes the US will get "a much better deal".
"As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries", he said. Agriculture and the business services industry would see gains, but manufacturing output and employment would decrease slightly under TPP.
Trump met with the lawmakers in between other meetings over his expected response to a chemical weapons attack in Syria, Sasse said.
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North Dakota Gov. Doug Burgum said Trump made some "pretty positive statements" about allowing the year-round use of E-15 ethanol, which could help corn growers. Still, there were some supporters, too. The Trump Administration is still providing multi-billion dollar federal contracts to some of the largest outsourcers in America.
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