Bauerle-Danzman says the USA would be at a disadvantage if it has to agree to new terms. "We'll put a team together, but we haven't even done-I mean, it just happened a couple of hours ago", said Larry Kudlow, Trump's top economic adviser. Though, in January, he seemed to be more willing to abruptly reverse his stance on an agreement he once called a "rape of our country".
Steven Ciobo, Australia's trade minister, added that he "can't see that all being thrown open to appease the United States". Still, negotiations with a group of longtime trading partners could hold appeal at a time of increasing tensions with China.
Some believe the president's about-face on the deal, as well as a quieting of his threats to withdraw from NAFTA, is fueled by complaints from Republican lawmakers that the impact of his harsh stance on trade and impending tariffs would harm farmers and businesses within their states.
Ministers from Japan, Australia and Malaysia had welcomed President Donald Trump directing officials to explore returning to the TPP, but they also cautioned against making any significant changes. "We don't have a trade war". China has responded to Trump's threat of tariffs on as much as $150 billion worth of Chinese goods by placing its own tariffs on USA pork and threatening taxes on soybeans, sorghum, corn and beef.
The reconsideration of TPP comes after the White House and Mr. Trump announced new tariffs on steel and aluminum imports, and specifically tariffs that will impact China. Almost two-thirds of USA soybean exports go to China.
But the way Trump is bragging about low unemployment and the high stock market, you might think he took the stock market from the 7,000 range to the low 20,000 range, at last count. Trade advisers say the department could use a program known as the Commodity Credit Corp.to purchase potentially billions of dollars of crops from American farmers harmed by tariffs. Many American agriculturalists maintain that the easiest way to help them is to avoid a trade war with China in the first place.
The Trans-Pacific Partnership is created to open up free trade between the countries involved, making them less reliant on China.
Trump also indicated that talks are progressing toward successful renegotiation of the North American Free Trade Agreement. Ben Sasse, R-Neb. It worries that companies that have moved much of their supply chains to China could make components there, ship them to a member of the Trans-Pacific Partnership for assembly, then sell them in the United States tariff-free.
Information for this article was contributed by Ken Thomas, Kevin Freking, Catherine Lucey, Jill Colvin, Paul Wiseman, Matthew Daly and James MacPherson of The Associated Press and by Erica Werner, Seung Min Kim and Damian Paletta of Bloomberg News.