Asia-Pacific nations sign sweeping trade deal without U.S.

by
March 8, 2018

Canada

 

SANTIAGO (Reuters) – Eleven countries including Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars.

The deal came as U.S. President Donald Trump vowed earlier in the day to press ahead with a plan to impose tariffs on steel and aluminum imports, a move that other nations and the International Monetary Fund said could start a global trade war.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will reduce tariffs in countries that together amount to more than 13 percent of the global economy – a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent.

“Today, we can proudly conclude this process, sending a strong message to the international community that open markets, economic integration and international cooperation are the best tools for creating economic opportunities and prosperity,” said Chilean President Michelle Bachelet.

1 Comment - what are your thoughts?

  • oldgringo says:

    If these nations want a trade war…let’s give it to em…The US has taken it in the shorts for way too long…It’s time to get back to fair trade and balance with those countries we do business with…Many of these countries impose a 25% tariff on US made good that come into their country…yet when Donald Trump want to impose a 10% tariff on their goods coming into this country all hell breaks loose…The Democrats and their fellow cohorts go Bananas screaming Trump is going to start a trade war with the “global” community…so far everything the Democrats and their MSM buddies have said about Trump and his policies have been wrong…however you won’t hear of no apologies from the left…quite the contrary…they’ll think of something so frivolous and stupid to throw at this president even though they know it won’t stick to a $hit house wall.

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