Map of countries in Trans Pacific Partnership Main_sail/ThinkstockPhotos
Schematic map of the new Trans-Pacific Partnership after the USA left.

Trump changes mind on TPP again

Withdrawing from TPP was one of Trump's first actions in office, but last week he directed officials to explore returning to the multi-nation trade deal.

by Andy Sharp 

President Donald Trump again soured on the 11-nation Trans-Pacific Partnership ahead of planned trade talks on Wednesday with Japanese Prime Minister Shinzo Abe.

"While Japan and South Korea would like us to go back into TPP, I don’t like the deal for the United States," Trump wrote. "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.," he said referring to the World Trade Organization. 

Last week, Trump directed U.S. officials to explore returning to the TPP. While his comments were welcomed by members of the trade bloc, ministers from countries including Japan, Australia and Malaysia said they opposed renegotiation of the deal to accommodate the U.S. should it decide to rejoin at a later date.

Abe has been a strong proponent of the TPP. Before leaving for the talks in Florida, he told reporters in Tokyo that Japan and the U.S. should "take the lead on growing the economy of the Indo-Pacific through free and fair trade and investment." 

The yen declined against all of its Group-of-10 peers on early signs the Trump-Abe meetings won’t see new trade demands from the U.S.

As for South Korea: While the nation isn’t in the TPP, it may look to become a member should the U.S. decide to recommit, Bloomberg Law reported Tuesday, citing a trade ministry official, who was not authorized to be cited.

To contact the reporter on this story: Andy Sharp in Tokyo at [email protected]

To contact the editors responsible for this story: Brendan Scott at [email protected]

Daniel Ten Kate, Colin Keatinge

© 2018 Bloomberg L.P

 

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