US President Donald Trump has asked his trade advisers to look at re-joining the Trans-Pacific Partnership, a multinational trade pact the US withdrew from past year. "He was very I would say bullish about that".
The president uncorked the news in a meeting with farm-state senators.
Trump scrapped the TPP during his first week in office in January 2017, reversing a tradition of free and open global trade that had always been embraced by his party. White House spokesmen didn't immediately respond to requests for comment.
Lawmakers emerging from a White House sitdown with President Trump said Thursday that the commander-in-chief may change course and rejoin the Trans-Pacific Partnership trade deal. "Increased economic engagement with the 11 nations now in TPP has the potential to substantially improve the competitiveness of US businesses, support millions of U.S.jobs, increase USA exports, increase wages, fully unleash America's energy potential, and benefit consumers". He said at the time that he would pursue individual deals with the other countries. "And that certainly would be good news all throughout farm country".
Sasse welcomed the news as a smarter way for the U.S.to be fighting unfair Chinese trade practices, like theft of intellectual property and over-production of steel.
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"President Trump said he was deputizing Kudlow and Lighthizer to look at reentering TPP negotiations", Sen.
The administration is also considering the possibility of the federal government aiding farmers harmed by retaliatory tariffs from China, according to lawmakers on Capitol Hill and advocacy groups.
Trump did not give Japan, one of the US's closest allies, an exemption from new steel and aluminum tariffs, making it less likely that they would rush to the White House's defence during a trade war.
One well-connected stakeholder has been predicting for weeks that these deals might ultimately coalesce into one; he said the auto rules now being negotiated under NAFTA could become the key US condition for re-entering TPP.
Trump floated the idea to re-negotiate terms and reenter the TPP in January, noting that he would consider signing back on if he could make a "substantially better deal".
Kevin Kennedy, president of a steel fabrication business in Texas, said tariffs on steel and aluminum imports have led us steel producers to raise their prices by 40 per cent.