Senators Ask President Trump To Re Engage In TPP

Violet Powell
February 22, 2018

Twenty-five Republican senators sent a letter to President Donald Trump asking him to re-engage with the Trans-Pacific Partnership (TPP) Friday afternoon.

He says the TPP now involves a free trade agreement made up of 11 nations. The agreement is expected to be signed in Chile on March 8.

Those changes included the suspension of 22 items in the earlier agreement.

Trump withdrew from TPP in his first week in office after calling the trade deal a "disaster" and "rape of our country" during his presidential campaign. With the United States, it would have represented 40 percent.

But the most recent analysis of the new TPP - known by the acronym CPTPP - predicts lower USA imports into Canada.

"Increased economic engagement with the 11 nations now in TPP has the potential to substantially improve the competitiveness of United States businesses, support millions of USA jobs, increase U.S. exports, increase wages, fully unleash America's energy potential, and benefit consumers". Trump has stated he is against the agreement unless the US were to "receive a better deal" and even signed an executive order to begin the process of removing the USA from TPP negotiations in January 2017.

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Australian Trade Minister Steve Ciobo said the landmark agreement would eliminate more than 98 percent of tariffs in a trade zone with a combined GDP of some $13 trillion (€10.5 trillion). They feared the US was giving up its leadership role and ceding even more power to China.

Last month, Trump told the World Economic Forum in Switzerland that it was possible Washington might return to the pact if it got a better deal.

It would lower tariffs - better known as taxes - on goods traded between the United States and 11 other countries in the Pacific Rim (Canada, Mexico, Japan, Australia, New Zealand, Chile, Peru, Malaysia, Singapore, Vietnam and Brunei).

"What the release of the text has also shown is that the Labour Party's flimsy justification for leading protests against the deal only to completely flip its position and sign it while in Government were complete spin".

But Parker said it had managed to address those concerns, in part with new laws that will restrict the sales of New Zealand homes to foreign buyers. The NIA suggests CPTPP could add between $1.2 billion and $4 billion a year to the size of the New Zealand economy, making it "in New Zealand's national interest to ratify the agreement", said Parker.

The first attempt to agree to a deal last November stalled amid opposition from Canada, which was seeking protection of its cultural industries.

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