President Trump ordered top administration officials Thursday to look at rejoining the Trans-Pacific Partnership, the sprawling trade pact he rejected three days after taking office. The move would mark a stunning reversal for Trump, who sharply criticized the pact as a “disaster” and made opposition to global trade deals a centerpiece of his economic agenda as a candidate.
A trade pact originally conceived by the United States to counter China’s growing economic might in Asia now has a new target: President Trump’s 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 in Chile’s capital, Santiago, that challenges Mr. Trump’s view of trade as a zero-sum game filled with winners and losers.
Ahead of the G-20 summit, Japan and the European Union are expected to announce a trade deal on Thursday in yet another sign that President Donald Trump’s “America First” approach to trade and policy isn’t paying off. Creating a free trade area the size of North America, the deal will greatly expand global trade. Expected to lower barriers to the exportation of cars between Japan and the European bloc, the agreement will also reportedly allow for the import of trains and agricultural products to Japan specifically.
Although TPP has lost traction on Capitol Hill, a US trade chief indicates the 12-nation trade deal may still pass Congress after Presidential elections, despite strong opposition from both Donald Trump and Hillary Clinton.
According to World Bank figures services comprise around 75% of the EU economy, 80% of the US economy and the majority of economies of most countries. The global economy is shifting towards a service-oriented economy. Cross-border trade in services for around 13% of the global GDP in 2015; for the EU twice that figure (around 24% of its total GDP). But it is not just these numbers alone that prove that the TiSA negotiations deserve a much higher attention in the public discussion than they currently have.
Hillary had a long history of supporting TPP and fracking and during the primaries she came out against TPP and took a more critical position on fracking. But now with the personnel moves she has made she has signaled a lack of sincerity.