Pacific Trade Deal Likely Doomed After Trump’s Election

Though President-elect Donald Trump has been firmly against the Trans-Pacific Partnership, a senior House Republican is now saying the controversial trade deal may not be dead, just “on hold”.

China is also promoting another trade deal, the Free Trade Area of the Asia-Pacific (FTAAP).

Here is a quick look at the positives and negatives for the world’s most dynamic economic region.

America has cozied up to protectionist politicians before, and failed to see the policies bear real fruit.

“We will communicate the goals and meaning of the TPP to the world, (including) the United States … we will change the current trend of protectionism”, Abe said.

Trump in particular struck a chord with his anti-trade rhetoric. (It was 34 percent under Reagan). Among them is Japan and six other RCEP participants, but not China. Japan’s lower house of Parliament this week passed the TPP.

Rep. Peter DeFazio (D-OR) suggested that Trump’s win was the product of similar trade deals, such as the North American Free Trade Agreement (NAFTA). If you come from Australia, Canada, Mexico, Peru, Chile, Singapore, Malaysia, Brunei, or Vietnam, then you can also make a difference by writing to your local newspaper about why TPP implementation is such a bad idea. In practical terms, that means no USA ratification, no TPP.

The 16 countries involved in RCEP include all 10 members of Asean as well as China, Japan, India, South Korea, Australia and New Zealand.

Worse than the TPP’s failure, though, is the risk of a U.S. Show his counterparts among our trading partners that the United States is still open for global business but that it has got to put workers’ interests, not corporate interests, at the heart of its trade deals.

China’s Vice Foreign Minister, Li Baodong, last week warned of the rise of protectionism and said the region needed a free trade agreement as soon as possible to offset “insufficient momentum for internal growth”, according to Reuters.

Sick and exhausted of professional politicians who typically promised a lot but once in office resigned merely to maintaining a status quo or opting for business as usual (Obama’s two tenures epitomising this phenomenon), the majority public this time ensured that it elects a leader who can bring about a real economic change and return the United States of America’s economy back to being the envy of the world. Tighter immigration restrictions would be damaging for the Philippines too, given that America hosts 35 percent of all Filipinos working overseas and accounts for 31 percent of total worker remittances, a key source of foreign earnings.

The Bill lines up New Zealand laws with its obligations under the 12-nation agreement which covers 40 percent of global trade and 800 million people.

Some in the USA are calling for a bilateral free trade agreement with Japan.

“This agreement will provide increased access and opportunities for the United States business community, including the financial services sector, within a group of economies in the Asia-Pacific region representing almost 40 percent of global GDP”, it said in a statement earlier this year.