Republicans Are Having Second Thoughts About Abandoning TPP

Republicans Are Having Second Thoughts About Abandoning TPP

Trump sparked a glimmer of hope of the USA rejoining the trade pact when he said he would consider rejoining the deal if it was changed to be made beneficial to the United States.

It is unclear how the president will respond to the letter from GOP lawmakers.

The letter, spearheaded by Sen.

International Trade Minister David Parker confirmed similar side letters are being sought with an unspecified number of the other CPTPP signatories: Japan, Canada, Mexico, Singapore, Brunei, Chile, Peru, Viet Nam, and Malaysia.

The latest: Half of the Senate GOP is urging Trump to reconsider his year-old decision to yank the United States from the Trans Pacific Partnership.

Together, the 11 nations to sign the deal account for about 13.5 percent of the global economy.

"I would do TPP if we were able to make a substantially better deal", Trump told CNBC at the World Economic Forum in Davos, Switzerland. The deal was bad. the way it was structured was awful.

More news: Apple To Secure Cobalt Supplies From Miners

New Zealand estimates a Pacific trade deal would boost its economy by up to 1 percent as exporters would face reduced tariffs on goods like kiwifruit, wine and beef. Economist and Green Party member, Barry Coates says the deal "would override important aspects of our sovereignty", arguing "we should not allow foreign corporations to bypass our courts and sue our Government in an worldwide tribunal".

"It will mean significantly improved access for our exporters to hundreds of millions of consumers around the world and will put our businesses in an even better position to succeed on the worldwide stage". "Increasing access to a region and market that has a population of almost 500 million can create widespreadbenefits to the U.S. economy".

However, Australian Unions published a statement calling the new agreement "a raw deal for working Australians".

"Further, TPP can serve as a way to strengthen ties with our allies in the region, counter the influence of the People's Republic of China (PRC), and increase pressure on the PRC to adopt substantive and positive economic reforms", the letter continued.

While Trump suggested the he is open to renegotiations on TPP, recent moves by the administration suggest a more protectionist lean overall on trade.

The Republican senators tried to make an economic case for TPP, saying it would build on Trump's pro-growth agenda.

"Increased economic engagement with the 11 nations now in TPP has the potential to substantially improve the competitiveness of US businesses, support millions of U.S.jobs, increase USA exports, increase wages, fully unleash America's energy potential and benefit consumers", the letter said.

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