Last January, President Trump upended America’s bipartisan trade policy when he officially abandoned the 12-nation Trans-Pacific Partnership (TPP), which had been brokered by President Obama. After signing the executive order, Trump declared that leaving the pact was going to be a “great thing for the American worker. The TPP had been considered Obama’s signature trade deal. Just two months ago, rumors swirled that the TPP might be dead on arrival as the Canadian Prime Minister missed a key meeting citing a scheduling conflict.
Now it’s almost exactly one year since Trump withdrew the United States and Canadian Prime Minister Justin Trudeau has just announced that Canada — along with the 10 other remaining countries in the Trans-Pacific Partnership (TPP) — are working together to create a revised trade agreement. Trudeau said in a statement that the countries involved had wrapped up talks in Tokyo on a “new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).”
Trudeau went on to say that:
“Strengthening Canada’s economic relationship with countries in the large and economically fast-growing Asia-Pacific region to support prosperity and create jobs for our middle class is a priority for Canada.To that end, Canada has been working very hard on the new CPTPP, from spearheading the first meetings of officials in May 2017 to proposing several suspensions and changes to secure better terms for Canadians throughout this burgeoning region.
He added that Canada has shown it “can and will work hard to set the terms of trade so the middle class can compete and win on the world stage. ”
Per the Associated Press, the new 11-nation coalition hope to sign an agreement by early March. Under President Trump, America continues to lose global relevance. Russia likes us now though, so there’s that.
Every cloud, eh?