April 21, 2018

Lawmakers say Trump will look into trade talks

13 April 2018, 01:15 | Rufus Hill

Trump orders advisers to study re-entering TPP: senator

Trump said to be reviewing Trans-Pacific Partnership in major trade U-turn

"That's really good news for America", said the Nebraska Republican.

Little more than a year later, Trump reportedly wants back in.

On Friday, Nebraska Senator Ben Sasse said that Trump said during a White House meeting with Midwest governors and legislators that he had "deputised" USA trade representative Robert Lighthizer and economic adviser Larry Kudlow to look into the United States rejoining the TPP.

In January, Mr. Trump told CNBC in an interview in Davos, Switzerland that he "would do TPP, if we made a much better deal than we had". A trade war with China could possibly be especially devastating to rural markets, particularly to pig farmers and soybean and corn growers. "I always say this I would do TPP if we were able to make a substantially better deal - the deal was awful".

One of the White House officials said that while the president prefers negotiating bilateral trade deals, a multilateral deal with the TPP countries would counter Chinese competition and would be faster than negotiating one-on-one with each of the 11 other nations.

The 11 remaining nations, representing 13 percent of global output including Japan and Canada, finalized a revised version of the trade pact last month, renaming it the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP.

Trump was not the only one to oppose TPP during the campaign.

"[Trump] understands that for our farmers to be successful, we need to grow - not contract - our markets", Reynolds said. Farm state lawmakers have pushed for greater sales of the higher ethanol blend to boost demand for the corn-based fuel. "He's going to get rid of a lot of taxes and tariffs", Trump said of Xi.

Lawmakers later Thursday are scheduled to meet with President Donald Trump to talk about trade.

Whatever the United States does on CPTPP is bound to affect those negotiations. The pact, which was conceived as a counterweight to China's dominance in the region, had been negotiated under the Obama administration but never approved by Congress. Trump's rejection of the deal has rattled allies and raised questions at home about whether protectionism will impede US economic growth. Despite reports that the three NAFTA parties are getting closer to an agreement, there is no set timeline to finish, he said at a meeting with agricultural state leaders.

"We encourage you to work aggressively to secure reforms that would allow the United States to join the agreement", the senators wrote at the time. "They have taken our auto industry by the throat".

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