There’s been a lot of speculation over the past few days that the Trans-Pacific Partnership (TPP) trade deal can be resurrected.
For now, however, the deal is dead in the water with President-elect, Donald Trump, confirming that the he will dump the TPP on his first day in office (20 January). From The Australian:
“I’ve asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs,” Mr Trump said in the video message outlining priorities for his first 100 days.
“On trade, I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country,” he said.
“Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores.”
As noted by The AFR’s John Kehoe today, the US was projected to be the biggest winner from the pact, estimated to reap annual economic gains of between $US57 billion and $US131 billion.
A “fair” deal for the US, therefore, suggests that President Trump will pursue even tighter copyright and patent protections for its pharmaceutical and creative industries, as well as even tougher rules allowing US firms to sue foreign governments.
Australia would be wise to give future trade negotiations with the US a wide birth. The outcomes from the Australia-US FTA were bad enough.
Meanwhile, Trump is showing his dictatorial side, from the NYPost:
Donald Trump scolded media big shots during an off-the-record Trump Tower sitdown on Monday, sources told The Post.
“It was like a f–ing firing squad,” one source said of the encounter.
“Trump started with [CNN chief] Jeff Zucker and said ‘I hate your network, everyone at CNN is a liar and you should be ashamed,’ ” the source said.
“The meeting was a total disaster. The TV execs and anchors went in there thinking they would be discussing the access they would get to the Trump administration, but instead they got a Trump-style dressing down,” the source added.
A second source confirmed the fireworks.
…“Trump kept saying, ‘We’re in a room of liars, the deceitful dishonest media who got it all wrong.’ He addressed everyone in the room calling the media dishonest, deceitful liars. He called out Jeff Zucker by name and said everyone at CNN was a liar, and CNN was [a] network of liars,” the source said.
…The stunned reporters tried to get a word in edgewise to discuss access to a Trump Administration.
“[CBS Good Morning co-host Gayle] King did not stand up, but asked some question, ‘How do you propose we the media work with you?’ Chuck Todd asked some pretty pointed questions. David Muir asked ‘How are you going to cope living in DC while your family is in NYC? It was a horrible meeting.”
Trump spokeswoman Kellyanne Conway told reporters the gathering went well.
“Excellent meetings with the top executives of the major networks,” she said during a gaggle in the lobby of Trump Tower. “Pretty unprecedented meeting we put together in two days.”
That’s not good for anyone.
