Pacific trade pact wasn't meant to contain China: Bob Hormats

Donald Trump and Peter Navarro

Donald Trump and Peter Navarro

The original TPP had been signed in February 2016 by the US, Australia, Canada, New Zealand, Singapore, Vietnam, Malaysia, Japan, Mexico, Peru, Brunei, and Chile, but was then dumped by Trump on his first week in office in favour of bilateral trade deals that promote his "America first" protectionist policy, despite warnings that he risked "abdicating" trade leadership in the Asia-Pacific region to China.

Trump failed to specifically say the US wasn't interested at this deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting According to him, the United States would protect its workers' and farmers' interests by withdrawing from the Barack Obama era pact which was never ratified by the Congress.

The trade deal becomes effective when ratified by six of the signatories. His Australian counterpart warns that there won't be a lot of interest in substantial renegotiation among the 11 countries in TPP. It will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product.

Trump explained his stand in a tweet saying even if US's allies Japan and South Korea wanted it to return to TPP, he didn't have a positive take on the deal.

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On April 12, the White House confirmed that Trump had instructed his advisers to examine whether a better TPP trade agreement could be negotiated.

"Would only join TPP if the deal were substantially better than the deal offered to Pres. Obama".

The conversation comes at which the conversation will be required to talk about exchange problems as Trump is meeting at mar a lago.

However, now it seems the United States leader is warming to the idea of the TPP, which has 11 other nations around the table at present, following heavy lobbying from influential farming lobby groups. "The president believes it is not presently in US interest to sign it".

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