Republican senators fresh off a meeting with Trump on Thursday said he has ordered a review of whether the USA can join the trade deal. The deal would have cemented geopolitical ties with key countries, helped set rules of the road for global trade, opened up markets for US businesses and given the United States leverage against China, which was excluded from the deal.
President Trump hints at re-entering the Trans-Pacific Partnership trade agreement, pending a new deal.
Rather than work with other Asian countries in an effort to isolate China economically and bring the Chinese to understand that their actions have consequences, the president loudly threatens a trade war in which American farmers, manufacturers and consumers will only suffer in a tit-for-tat round of expensive tariffs.
He said that Australian agricultural exporters in particular are at an advantage compared to their American colleagues, "and I think that's one of the reasons why the United States is having a second look at possibly rejoining the TPP".
New Zealand's liberal government, voted into power past year, has been more cautious about the deal than the previous conservative government.
"We are prepared to sustain this response until the Syrian regime stops its use of prohibited chemical agents", President Trump said in televised remarks from the White House. "I don't think we can get back into the TPP soon enough", Johnson said when talking to reporters about the trip.
"These higher, value-added products provide high-paying jobs and therefore are more beneficial to the local economies", US Commerce Secretary Wilbur Ross said.
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The S&P 500 Index closed up 0.8% and the Dow Jones Industrial Average added nearly 300 points, or 1.2%, as investors assessed the changing trade dynamics.
Trump's decision to withdraw from the TPP was among his first actions after he was inaugurated in 2017. The pact, which was conceived as a counterweight to China's rising economic power in the region, had been negotiated under the Obama administration but never approved by Congress.
But Mr. Trump on Thursday insisted he will only rejoin TPP with a better deal.
The news drew a rebuke from opponents of the multilateral trade pact.
"TPP would address so many issues, such as environmental, worker rights, public procurement, trade unions", Hauskrecht says. "You'd need a whole renegotiation".
They have said the administration should be working with other countries to pressure China, instead of wielding tariffs that invite retaliation on industries such as agriculture.
The 11 remaining nations represent 13 percent of global output and include Japan and Canada.
However, over the past several months, White House officials have repeatedly signaled the USA is interested in maintaining and strengthening its trade ties with key Pacific allies.