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Politics : The Trump Presidency -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (150353)	1/19/2020 9:04:39 AM
From: Sam	2 Recommendations Recommended By CentralParkRanger Ron Respond to of 359553

Here is more about how the successor to TPP will benefit the countries that signed it and harm the US. The CPTPP trade deal has gone into effect without the US excerpt: CPTPP stands for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. It is the successor to the Trans-Pacific Partnership (TPP), a similar deal that included the US. Donald Trump withdrew the US from the TPP soon after he was elected. During his presidential campaign, Trump referred to the TPP as the “greatest danger yet” to the US economy, and has declared a preference for bilateral trade agreements since coming into office. Former US president Barack Obama pushed for the deal because he said it would let the US, not China, “lead the way on global trade.” The other countries in the deal were undeterred by the US’s withdrawal. Even without the US, the new pact will be among the largest multilateral trade deals ever enacted (paywall). The CPTPP countries include 14% of world GDP. Beyond just lowering trade barriers between the countries, the deal also includes greater protection of intellectual property rights—a part of the deal the US fought for—and provisions to increase minimum labor standards for workers in participating countries. My colleague Ana Campoy points out that the deal is likely to be particularly bad for US farmers. If the US had participated in the deal, pork, beef, and wheat exports to countries like Japan and Singapore would have risen. Now, instead, the US will be less competitive, as exports of those products from CPTPP member counties will now be less expensive in such markets.The nonprofit Peterson International Institute for Economics estimates that the total GDP of participating countries will increase by about 1%, with the largest gains for Vietnam and Peru. They also estimate that while total US income would have increased by about $130 billion dollars due to the deal, the US is now set to lose about $2 billion in income because US exports will be less competitive in CPTPP nations. continues athttps://qz.com/1511381/the-cptpp-trade-deal-has-gone-into-effect-without-the-us/ US farmers are bracing to lose as CPTPP rolls out By Ana Campoy December 28, 2018 The first set of tariff cuts will be effective immediately, with another round following a couple of days later in most countries. (Japan’s second round will happen in April.) US meat and grain exports will instantly become less competitive in the CPTTP markets. Farm trade groups are particularly worried about losing share in Japan, a huge buyer of American agricultural products. It’s exactly the opposite effect American architects of the deal had in mind. The agreement, which began its life as the Trans-Pacific Partnership, or TPP, was spearheaded by the US, and signed in 2016 by Barack Obama. A key goal was to expand US market share in Asia. Donald Trump withdrew the US from the deal shortly after taking office, saying it would hurt American workers. He now wants to negotiate a bi-lateral deal with Japan, but talks haven’t yet started. In the meantime, here are some of the CPTPP benefits that American producers will miss out on: Meaty profits American meat producers stood to gain a hefty tariff cut the first day of the agreement, from 38.5% to 27.5% on certain beef products, and eventually down to 9% by the 16th year of the deal. US-produced pork, too, would have become immediately cheaper. Japan would have lowered its tariff to 2.2% from 4.3% at the start, and gradually reduced that to zero. By 2026, the year by which TPP would have been fully implemented, exports of beef and pork had been expected to grow by nearly $2 billion, according to a study by the American Farm Bureau Federation. Billions worth of gains A separate assessment, done by the US International Trade Commission by congressional mandate, estimated overall agricultural exports would jump by nearly 3%, or $7.2, billion by 2032 under TPP. (Imports into the US were expected to expand by 1.5%, or $2.7 billion.) continues at qz.com

To: Sam who wrote (150353)	1/19/2020 3:09:29 PM
From: combjelly	Respond to of 359553

Indeed, Trump's methods are bound to fail. I do not think that Trump's tariffs are "beautiful", and indeed the way he uses them and the threat of even more of them is disgraceful and one of the important reasons why there has been an economic slowdown around the world. The problem with Trump's approach is that the problems with China aren't new. In the past, Trump's approaches have been tried. And they always have failed. Why some think they would work this time is a mystery.