Trump to leave TPP, China to gain
November 22, 2016, 10:29 am

Trump believes that making America great again includes abandoning trade treaties that he claims have hurt the US economy and taken jobs overseas [Xinhua]

Calling the TPP unfair and damaging to US economic prospects Trump went on to say that he would negotiate bilateral trade treaties with different countries in order to bring jobs back to the US.

His video announcement about the TPP comes amid his broader message to America outlining his transition team’s plans for the first 100 days in office.

His renewed pledge to withdraw from the TPP also comes a day after a final communiqué from the Asia-Pacific Economic Cooperation (APEC) Summit in Lima, Peru reaffirmed the member states commitment to free trade and combating protectionism.

But many of America’s allies who initially signed on to the TPP have expressed concern that it could fall apart altogether if Washington withdrew although some countries said they would try to find a way to push on with the trade deal.

On Tuesday, Japanese Prime Minister Shinzo Abe signaled that America’s withdrawal from the treaty would amount to its demise.

“There’s no doubt that there would be a pivot to the Regional Comprehensive Economic Partnership (RCEP) if the TPP doesn’t go forward,” Abe told an upper house committee, according to the Japanese Kyodo news agency.

“The RCEP doesn’t include the United States, leaving China the economy with the largest gross domestic product,” he added.

Late on Sunday, Chinese officials said that Peru and Chile had signaled interest in joining the RCEP.

Chinese President Xi Jinping is already preparing for an all-out push for a Beijing-led Asia-Pacific free trade area and made his country’s intentions known during the APEC summit.

The FTAAP “is a strategic initiative critical for the long-term prosperity of the Asia-Pacific,” Xi said on Saturday while delivering a keynote speech at the summit.

The BRICS Post with inputs from Agencies