A massive 11-country trade agreement is due to take effect on Sunday, thereby reshaping trade rules among economic giants like Japan, Canada, Mexico and Australia, but the United States won’t be a signatory to it, meaning that locally-produced foods like California almonds and Welch’s grape juice will remain subject to duties in Japan, for instance. In the meantime, competitors’ products from countries that signed the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership will carry no duties. Japan is meanwhile expected to introduce similar tariff relief for the European Union, in a separate trade agreement. US producers instantly issued a complaint: The deal known as the TPP, proposed by the Obama administration, underlays the US strategy of countering Chinese economic influence, but it was one of the first things President Donald Trump sought … [Read more...] about Trump Fulfills Campaign Promise, Ditches ‘Disastrous’ TPP Trade Deal
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‘Substantial progress’ made on massive China trade deal that excludes US
Substantial progress has been made on hammering out a China-backed trade deal, Singapore's leader said Wednesday, driving ahead the world's largest commercial pact which the United States is excluded from. World leaders gathered in the tropical city state this week for a summit where a massive Beijing-backed agreement covering half the world's population has dominated discussions. Diplomats have been trying to nail down details as Beijing entices its neighbours to join a commercial alliance seen as an antidote to President Donald Trump's "America First" protectionist trade policy. The US has imposed tariffs on roughly half of what it imports from China, prompting Beijing to retaliate with its own levies. Beijing's leaders have recast themselves as the defenders of global commerce -- with the United States under Trump relegated to the sidelines. China, Japan and India are among 16 Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP). "Substantial … [Read more...] about ‘Substantial progress’ made on massive China trade deal that excludes US
As US retreats, China touts its trade deal wares to Asia
China is touting itself as the new defender of global commerce as it works with Asia-Pacific leaders to hammer out the world's largest trade deal -- with the United States relegated to the sidelines. World leaders gathered in Singapore this week for a summit where a massive Beijing-backed agreement covering half the world's population has dominated discussions. Diplomats have been trying to nail down details as Beijing entices its neighbours to join a pact seen as an antidote to President Donald Trump's "America First" protectionist trade policy. The US has imposed tariffs on roughly half of what it imports from China, prompting Beijing to retaliate with its own levies. China, Japan, India and other Asia-Pacific countries are expected to announce progress on the Regional Comprehensive Economic Partnership (RCEP) later Wednesday. Beijing had hoped to have the meat of the deal done by the end of this year, but the timetable has now slipped to 2019. However, this has not stopped Chinese … [Read more...] about As US retreats, China touts its trade deal wares to Asia
Vietnam reduces reliance on China, ratifies new Trans-Pacific Partnership trade deal
Vietnam has moved to reduce its economic reliance on China and mitigate the risk of the US-China trade war by ratifying an 11-country trade deal, South China Morning Post reports. The nation’s lawmaking body approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Monday, following Australia’s ratification on October 31. Japan, Canada, Mexico, Singapore and New Zealand have also formally ratified the agreement. The CPTPP – also known as TPP-11 – is the revamped Trans-Pacific Partnership which crumbled when US president Donald Trump pulled Washington out of the deal shortly after taking office in early 2017. It is expected to reduce tariffs between the 11 participating economies that together add up to US$10 trillion. Vietnamese Prime Minister Nguyen Xuan Phuc said Hanoi would use a combination of trade deals and domestic reforms to survive the US-China trade war. For Vietnam, the CPTPP gives its highly export-dependent economy more … [Read more...] about Vietnam reduces reliance on China, ratifies new Trans-Pacific Partnership trade deal
Vietnamese Parliament Ratifies Agreement for Trans-Pacific Trade Deal – Reports
The respective resolution was passed with 96.7 percent voting in favor, according to the Vietnam News Agency. Vietnam became the seventh state to ratify the deal. The original Trans-Pacific Partnership (TPP) deal was signed in 2016, bringing together 12 Pacific Rim nations. In 2017, US President Donald Trump, who had repeatedly criticized the TPP, withdrew the United States from it. READ MORE: TPP-Approved: Japanese PM Abe Hints UK Potential for Global Trade Alliance © AP Photo / Fabrice CoffriniTrump Says WTO, TPP Not Serving US Interests, Bilateral Deals More ProfitableFollowing the US withdrawal, the 11 remaining nations continued their efforts to create a free trade zone. On March 8, the foreign ministers of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam signed the revised version of the TPP. Apart from Vietnam, the deal has been ratified by Japan, Mexico, New … [Read more...] about Vietnamese Parliament Ratifies Agreement for Trans-Pacific Trade Deal – Reports