Trade

World prepares to move on without U.S. on trade

VINA DEL MAR, Chile — Here’s what happens when the U.S. pulls out of a major trade deal: New Zealand seizes the opportunity to send more of its milk and cheese to China. Japanese consumers pay less for Australian beef than for American meat. Canadians talk about sending everything from farm products to banking services to Japan and India.

President Donald Trump dumped the 12-nation TPP right after he took office, saying it was a “horrible” deal and blaming it for sucking American jobs abroad. But now other countries are ready to rush into the vacuum the U.S. is leaving behind, negotiating tariff-cutting deals that could eliminate any competitive advantage for U.S. goods.

That phenomenon is on stark display this week in Chile, where more than a dozen Pacific Rim countries are meeting in a beachside hotel to talk about moving on in the post-TPP era. China, not one of the original signers of the TPP, is here looking to cut deals. So are Canada and Mexico. And while the U.S. would normally send a high-ranking trade official to this kind of gathering, the Trump administration, is just sending an envoy from the embassy in Santiago.

Competitors say they have no choice but to take the money U.S. businesses would have earned otherwise.

Source: World prepares to move on without U.S. on trade

Categories: Trade, World News

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