On Tuesday, President Trump announced that he would not rejoin the Trans Pacific Partnership (TPP). This comes after weeks of hand-wringing from supporters, on the news that Trump was seriously considering rejoining the TPP, as it was being renegotiated.
“While Japan and South Korea would like us to go back into TPP, I don’t like the deal for the United States. Too many contingencies and no way to get out if it doesn’t work. Bilateral deals are far more efficient, profitable and better for OUR workers. Look how bad WTO is to U.S.”
Larry Kudlow, the top economic adviser in the White House, claimed on Tuesday that there are “discussions and considerations” regarding the rejoining of Trans Pacific Partnership by the U.S, but also said that “there is nothing at all concrete.”
Larry Kudlow said, “It has to be in U.S. interest for us to take another look and actually go into it.” He also added, “The President believes it is not presently in U.S. interest to sign it.”
President Trump had directed Larry Kudlow, the top economic adviser in the White House, and the trade representative of the U.S to look into the matter pertaining to the re-entering of the U.S into a Trans Pacific Partnership (TPP).
Shinzo Abe, the Japanese Prime Minister, will be soon meeting President Donald Trump at Mar-a-Lago, a beautiful resort in Florida, on Tuesday and Wednesday. The main discussions between the two leaders are likely going to be regarding the Trans Pacific Partnership (TPP), as Japan is a member of the TPP.
Trump said last week that his administration is working to establish a bilateral deal with Japan, and argued the island nation “has hit us hard on trade for years!”
Withdrawing from a 12 member agreement contract that was negotiated under the tenure of Barack Obama and the Trans Pacific Partnership was one of the first steps taken by President Donald Trump when he stepped into the presidency. Additionally, he had rallied against the deal, calling it a “horrible” one.
The CPTPP members indicated last week that they would openly welcome the U.S. if it decides to return to the Trans Pacific Partnership, however, the trade officials have said that they are not in the favor of the renegotiation of the contract.