Trump Pivots on TPP, but the Footwear Industry Has 'Seen This Before'

Trump Pivots on TPP, but the Footwear Industry Has 'Seen This Before'

Several negotiation stakeholders told the New York Times that they'd be unwilling to bend to the USA upon re-entry into the deal.

President Trump had asked two of his economic advisers to explore rejoining the Trans-Pacific Partnership, a trade agreement he withdrew from shortly after taking office previous year.

International Trade and Industry minister Datuk Seri Mustapa Mohamed says the Comprehensive and Progressive Agreement for Trans-Pacific Partnership renegotiation will take a long time and alter the balance of benefits for parties.

However, they also cautioned against making any significant changes.

Trump on Thursday night said on Twitter that the U.S. would "only join TPP if the deal were substantially better than the deal offered to Pres. Obama".

There is also skepticism from other countries in the 11-nation deal: Australia's trade minister says there's very little appetite for a renegotiation, and Japan's minister on the file compares the deal to a carefully crafted glass sculpture that would be hard to change. "Now we have an opportunity to re-engage on TPP, which is not a bad thing". Trump has warned that he could levy tariffs on $150 billion in Chinese goods, prompting Beijing to threaten retaliatory measures aimed at American soybeans, airplanes and other products.

"We welcome the United States coming back to the table, but I don't see any wholesale appetite for any material renegotiation of [the pact]", Australian Minister for Trade and Investment Steven Ciobo said.

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".

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US Commerce Secretary Wilbur Ross later said the administration needs to see concrete actions from China to reach a deal.

The remarks were another conciliatory signal from the administration following tit-for-tat tariffs proposals from the world's two largest economies that rattled markets.

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.

Heated discussions concerning possible re-negotiations of TPP are expected to bubble up during Japanese Prime Minister Shinzo Abe's upcoming working visit to Mar-a-Lago resort on April 17. One change the new government made was to introduce new laws that will restrict the sales of New Zealand homes to foreign buyers, a provision Parker said would not change were the U.S.to join the pact.

American Federation of Labor and Congress of Industrial Organizations president Richard Trumka said on Twitter that the TPP "was killed because it failed America's workers and it should remain dead". Even as officials in other countries expressed skepticism Friday, they said they would like to hear what Washington has to offer.

The 11 remaining nations represent 13 percent of global output and include Japan and Canada.

The 11-nation trade deal, which was renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership after the US withdrew, was signed in March but won't come into force until it's ratified by individual nations.

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