Trump weighs rejoining the TPP

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US President Donald Trump has agreed to reconsider the Trans Pacific Partnership (TPP), a free trade pact with primarily Asia-Pacific countries that he backed out of a year ago.

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The president called the alleged attack a "massacre" and said it was a "significant escalation in a pattern of chemical weapons use by that very awful regime".

Trump tweets that he would only rejoin the agreement if it's renegotiated to become substantially better for the U.S.

Farmers would stand to benefit from new access to markets, especially Japan, if Mr Trump rejoins the pact.

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He added the US already has bilateral trade agreements with six of the 11 nations in the TPP, with a separate agreement with Japan already in the works.

Parker said other countries have also expressed an interest in joining, including Colombia, South Korea and Britain.

Trump had remained sharply critical of the pact and said that he would instead negotiate trade agreements one on one, a tactic he says gives the United States better leverage over its trading partners.

That said, the president's laughable inconsistency is no reason not to make every effort to revive the TPP, which would be just the thing to put pressure on China to make concessions on US intellectual property, the most important and legitimate part of our beef with Beijing's trade practices.

Farm-state lawmakers said Thursday after a White House meeting with Trump that he had given that assignment to his trade representative, Robert Lighthizer, and his new chief economic adviser, Larry Kudlow.

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Eleven other countries moved forward with ratifying the trade deal last month. "They will lose years of research and development, storage and equipment", Dunford said. He has previously said he might reconsider the deal.

The remarks were another conciliatory signal from the administration following tit-for-tat tariffs proposals from the world's two largest economies that rattled markets. Trump also indicated that talks are progressing toward successful renegotiation of the North American Free Trade Agreement. For instance, ranchers in Australia can send beef to Japan more cheaply than ranchers in the US.

Withdrawing from the deal was one of Mr Trump's first acts as president, delivering one of his core campaign promises. The pact, which was conceived as a counterweight to China's rising economic power in the region, had been negotiated under the Obama administration but never approved by Congress.

"TPP would address so many issues, such as environmental, worker rights, public procurement, trade unions", Hauskrecht says.

A senior administration official said "what you've seen tonight is not the end of the U.S. response". It could be a way to assuage American farmers and businesses hurt by Chinese tariffs by assuring robust markets for USA products in countries that signed onto the deal, like Japan, Australia and South Korea.

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"Well, fellas, we've already lost the trade war", the president said in a radio interview with a NY station last week.

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