Three days after taking the oath of office and becoming the nation’s 45th President, Donald J. Trump formally abandoned U.S. involvement in the Trans-Pacific Partnership. Now, one year later, the remaining 11 countries are on the finishing straight and the United States might reconsider their previous decision.
Seven years of intense negotiations between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam lead to the Trans-Pacific Partnership, or TPP, finally being signed in February 2016.
But the achievement seemed meaningless, when President Trump declared U.S. withdrawal in late January 2017 as one of his first acts as President.
The TPP, a multinational trade agreement between 11 Pacific rim nations, with the common goal of improving international trade, lowering tariffs, boosting economic growth and offering common ground in economic policies and regulations, is expected to come into effect in early March. The eleven remaining nations have spent the past year revising the contract to fulfill expectations and goals of the involved countries and a massive change could lie ahead, once again.
Almost exactly a year later, President Trump could be changing his prior position on the TPP. CNBC quoted Trump saying, “I would do TPP if we made a much better deal than we had. We had a horrible deal,” he said. “I would do TPP if we were able to make a substantially better deal. The deal was terrible, the way it was structured was terrible. If we did a substantially better deal, I would be open to TPP.” However, a reentry into the TPP relies heavily on the permission of the remaining nations.
Whether and at what point possible negotiations begin is only to be awaited in the near future.