Lawmakers say Trump administration is looking into rejoining Trans-Pacific Trade Partnership

by Abel Hampton April 13, 2018, 2:28
Lawmakers say Trump administration is looking into rejoining Trans-Pacific Trade Partnership

"It brings more of a multi-lateral approach as we look to isolate the problems we're facing with China as it relates to imbalances in trade and the theft of intellectual property".

In early March, the 11 other nations signed the renamed Comprehensive and Progressive Trans-Pacific Partnership in Chile after spending the better part of the past year reworking the deal. "We're going to work out something during the transition period, which is not easy, very complicated", Trump said. He said the president looked at Kudlow and said, "Go, get it done".

"We need to fundamentally rewrite our trade policies to benefit American workers, not just the CEOs of large, multi-national corporations".

The move would mark a stunning reversal for Trump, who sharply criticized the pact as a "disaster" and made opposition to global trade deals a centerpiece of his economic agenda as a candidate. Attending the World Economic Forum in Davos in January, he told CNBC: "I would do TPP if we were able to make a substantially better deal".

Earlier in the week, Trump had alluded to China's targeting of agriculture in retaliation to his tariffs.

Eleven countries signed the agreement last month.

"As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries", he said.

"A TPP deal is a huge win, I believe, for agriculture, and it puts more pressure on China because they're not part of TPP", Daines said. Sen Ron Johnson, R-Wis., was among a handful of senators who recently visited China to meet with government and business leaders there. But farm organizations, the Greater Des Moines Partnership and many other groups supported the agreement as critical to opening markets for grain, meat and other products.

Reuters reported that Trump talked of lifting the summertime ban on E15, which is limited due to concerns about smog. Gasoline typically contains 10 percent ethanol.

The announcement was welcomed by lawmakers from some farming states. Farm-state lawmakers fear that would reduce demand for the biofuels and violate the RFS law. He said Trump understood the potential consequences of a trade war. So now the White House is floating this to see how angry conservatives might get.

"Withdrawing the threat of tariffs without achieving results would be tantamount to waiving the white flag of trade surrender", said Scott Paul, president of the Alliance for American Manufacturing.

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