By Tyler Durden
In his speech (see here) at the Asia Pacific Economic Cooperation Summit (APEC) on Friday, Trump slammed China, the WTO and his predecessor’s Trans Pacific Partnership (TPP) trade agreement as issues holding back his America-first “Indo-Pacific dream”. Without referencing it specifically, Trump criticised the TPP which he said would “tie our hands, surrender our sovereignty and make meaningful enforcement (of WTO rules) practically impossible”. Trump stated that the US would conduct trade with Asian nations based on bilateral agreements. Over the weekend, Japan – the largest remaining member of the TPP and traditionally subservient to US wishes – and a host of other nations announced that they would move forward with a revised TPP, regardless of US withdrawal. According to the FT.
A weekend move by Japan and 10 other Pacific nations to press ahead with a vast regional trade agreement without the US has prompted fresh criticism that Donald Trump’s “America First” trade policy is leaving Washington increasingly isolated. The 11 remaining members of the Trans-Pacific Partnership, which the Obama administration spent years negotiating and Mr Trump pulled out of on his third day in office, announced on Saturday that they had reached agreement on the “core elements” …read more