World News

Trump flips on trade pact, weighs rejoining Pacific-Rim deal

Trump flips on trade pact, weighs rejoining Pacific-Rim deal

Trump is also reconsidering his stance on the behemoth trans-Pacific trade deal as he inches closer to a trade war with China. The Trans-Pacific Partnership would open more overseas markets for American farmers. Trump has always boasted that he preferred bilateral trade agreements that could be leveraged to the benefit of the US and American workers.

"He multiple times reaffirmed the point that TPP might be easier to join now", said Sasse, a Nebraska Republican who participated in the meeting with Trump.

Shortly after assuming the office, the United States president delivered on his campaign promise and pulled out of the deal, sending it into limbo.

The countries signed the agreement but they still must individually ratify it before it can be formally implemented. China has responded to Mr. Trump's threat of tariffs on as much as $150 billion worth of Chinese goods by placing its own tariffs on American pork, and threatening taxes on soybeans, sorghum, corn and beef. His Democratic rival, Hillary Clinton, also said she did not plan on ratifying the deal, even after she had a role in its formation during her time as President Barack Obama's Secretary of State.

The move runs counter to Trump's repeatedly expressed belief that he prefers "bilateral" trade agreements - between the USA and one other country - to wide-ranging pacts like TPP and the North American Free Trade Agreement (Nafta), which he has also said should be rewritten or scrapped. Visit MarketWatch.com for more information on this news. His administration has opened up several fronts on trade, including one with China, another with Canada and Mexico, under the North American Free Trade Agreement (NAFTA, ) and with South Korea, with which the U.S. has another trade deal.

The EPA now bans the 15-percent blend, called E15, during the summer because of concerns that it contributes to smog on hot days.

North Dakota Gov. Doug Burgum said Trump made some "pretty positive statements" about allowing the year-round use of E-15 ethanol, which could help corn growers. Farm state lawmakers fear that would reduce demand for the biofuels and violate the RFS law.

The White House meetings came as an array of business executives and trade groups expressed concerns at a congressional hearing about the impact that tariffs will have on their business. "Undoubtedly, a TPP that includes the US would be stronger and more formidable than one that does not".

China has countered by announcing its own set of tariffs on USA products.

The U.S. and China are in the early stages of what could be the biggest trade battle in more than a half century.

Sasse noted that Trump "deputized" Kudlow to "go get it done" and explore the possibility of rejoining TPP as the 12th party now that the other 11 nations have struck a deal.


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