Skip to comments.U.S. Allies Sign Sweeping Trade Deal in Challenge to Trump
Posted on 03/08/2018 12:05:01 PM PST by reaganaut1
SANTIAGO, Chile A trade pact originally conceived by the United States to counter Chinas growing economic might in Asia now has a new target: President Trumps embrace of protectionism.
A group of 11 nations including major United States allies like Japan, Canada and Australia signed a broad trade deal on Thursday that challenges Mr. Trumps view of trade as a zero-sum game filled with winners and losers.
Covering 500 million people on either side of the Pacific Ocean, the pact represents a new vision for global trade as the United States threatens to impose steel and aluminum tariffs on even its closest friends and neighbors.
Mr. Trump withdrew the United States from an earlier version of the agreement, then known as the Trans-Pacific Partnership, a year ago as one of his first acts in office. The resuscitated deal is undeniably weaker without the participation of the worlds biggest economy, but it serves as a powerful sign of how countries that have previously counted on American leadership are now forging ahead without it.
The new agreement known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership drops tariffs drastically and establishes sweeping new trade rules in markets that represent about a seventh of the worlds economy. It opens more markets to free trade in agricultural products and digital services around the region. While American beef faces 38.5 percent tariffs in Japan, for example, beef from Australia, New Zealand and Canada will not.
Once it goes into effect, the agreement is expected to generate an additional $147 billion in global income, according to an analysis by the Peterson Institute for International Economics. Its backers say it also bolsters protections for intellectual property and includes language that could prod members to improve labor conditions.
(Excerpt) Read more at nytimes.com ...
It’s called the Art of the Deal.
More lies and fabrications coming from the New York Slimes.
Slap Japan with tariffs on their Cars and they are toast.
What would you expect from the anti-American rag? These aholes would side with non-Americans more than their own country. I trust Trump when he states we will win a trade war. Just bring it b*tches
Your globalist free traitor zealotry is well noted.
America has been doing exactly what you stand for on trade for decades, putting our nation in very grave danger regarding China and the PLA.
Your business as usual is suicide.
Go peddle it over at DU.
Picking a fight with the wrong guy.
President Trump on TV announcing new tariffs of 25% on foreign steel imports and 10% on foreign alumimum imports.
Calls it vital to national security. Game on!!!
What does their “deal” have to do with our market?
“”””Picking a fight with the wrong guy.”””
President Trump WANTS a fight. He thrives on it. At heart he is a street fighter. He will win this one.
Don’t have a clue why we are selling oil overseas, should be $2.00 a gallon for gas here.
Trump bringing up blue-collar workers to speak.
Its an effective pitch for tariffs.
i see our resident anti-trump troll has gotten a lot more active lately ...
Trump signed tariff executive orders. Great backdrop.
Let's talk when America gets a better deal. The "free" trade and "deals" should not mean the USA gets the short end EVERY time.
If the original TPP dealt STRICTLY WITH TRADE, I would have supported it, but it did not. It had a provision that could override our immigration laws, and it also had some environ-MENTAL gobbledygook in it, if I remember correctly. I was basically an international big-government pact.
Only 4 or 5 of the TPP’s provisions (I believe there were over a dozen) dealt with actual trade.
Bottom line, we need to be able to manufacture steel and aluminum if we ever had a war, it’s for national security.
If we become the chief oil exporter, we will have dominance in the world with that resource. Buh-bye, OPEC!
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