We could have had the TPP
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But instead, we are now watching from the sideline.
WASHINGTON—China joins U.S. allies including Japan and Australia in a new Asia-Pacific trade agreement that launches Saturday—with the U.S. watching from the sidelines.
The new Regional Comprehensive Economic Partnership, or RCEP, will eventually eliminate more than 90% of tariffs on commerce among its 15 member countries, in what economists say will be a boon to trade in the region.
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I talked about this pact before. While there may have been some reasons not to like the original TPP, pulling out has really left us on the sidelines in Asia trade.
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Dems and Republicans both slunk away from this one for political expedience.
The pact was designed to specifically exclude China, if I recall correctly.
@xenon said in We could have had the TPP:
Dems and Republicans both slunk away from this one for political expedience.
The pact was designed to specifically exclude China, if I recall correctly.
Correct. A lot of countries in Asia (specifically in SE Asia) put a lot of effort and negotiations into the original trade agreement, with the understanding that this would ensure that the US was in agreement.
I am "acquainted" with some people on the other side who were setting the groundwork for this. Lots of disappointment when we pulled out.
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Yes, we need more Asian trade...
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@jolly We need more Asian trade ex-China.
Our trade with China is about 2.5x our trade of all SE Asian countries combined. The TPP would have helped to work on this imbalance.
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