U.S. President Donald Trump told Reuters on Thursday he will either renegotiate or terminate what he called a “horrible” free trade deal with South Korea and said Seoul should pay for a U.S. anti-missile system that he priced at $1 billion. In an interview with Reuters, Trump called the five-year-old trade pact with South Korea “unacceptable” and said it would be targeted for renegotiation after his administration completes a revamp of the North American Free Trade Agreem...
(WASHINGTON) — The “America First” president who vowed to extricate America from onerous overseas commitments appears to be warming up to the view that when it comes to global agreements, a deal’s a deal. From NAFTA to the Iran nuclear agreement to the Paris climate accord, President Donald Trump’s campaign rhetoric is colliding with the reality of governing. Despite repeated pledges to rip up, renegotiate or otherwise alter them, the U.S. has yet to withdraw fro...
World Trade Organization Director General Roberto Azevedo is increasing his efforts to push back against populist pressures causing World Trade Organization member governments to be more wary of open international trade. In Stockholm last Friday, he said “We are . . . seeing a rise in anti-trade rhetoric and the threat of protectionism remains an issue. Protectionism is the wrong medicine. It would do nothing to address the challenges we face. In fact, it would make them worse. It would no...
The Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements and review government procurement policies to aid American companies, two administration officials said. The North American Free Trade Agreement (NAFTA) with Mexico and Canada will top the list of trade deals to be reviewed, which affect 20 countries from the Americas to Asia, the officials told Reuters. They spoke on condition of anonymity because the orders were still being developed. The...
During Donald Trump's first 100 days as U.S. president, one of his first moves was to withdraw from what was poised to be a landmark trade deal with 11 other countries across the Pacific Rim. Now the president's nominee to be U.S. Trade Representative, Robert Lighthizer, says the U.S. may not be pulling away from leadership in the region, suggesting that some of the promises of the Trans-Pacific Partnership (TPP) may still be realized. The first trade action taken by the Trump Administration was...
China’s government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions...
German Chancellor Angela Merkel and Japan’s Prime Minister Shinzo Abe spoke up for free trade at a major technology fair on Sunday with jabs clearly pointed at an increasingly protectionist United States. Both called for a free trade deal to be reached quickly between Japan and the European Union, in comments made after G20 finance ministers and central bankers dropped a long-standing mention of open trade in their final communique after a two-day meeting in Germany. Neither leader named t...
On Jan. 23, fulfilling a campaign promise, American President Donald J. Trump signed an executive order to withdraw the U.S. from the Trans-Pacific Partnership (TPP), a major trade deal among 12 countries which was the centerpiece of his predecessor Barack Obama’s strategic pivot to Asia. Trump’s action leaves the accord in limbo, without any prospect of coming into force. The other 11 signatories have no way to keep the TPP or some form of it alive without renegotiating among them...
Much is in the news lately about the rule of law, particularly as it has applies to immigration. But there are also laws that govern how U.S. trade policy is supposed to be made and implemented that have not received much notice, and there is, of course, the Congress which should have a central role. All were by-passed when President Trump pulled the United States out of the Trans Pacific Partnership (TPP) agreement, which was poised to be a landmark trade deal to foster America's national inter...