SANTIAGO, Chile — A trade pact originally conceived by the United States to counter China’s growing economic might in Asia now has a new target: President Trump’s embrace of protectionism.
A group of 11 nations — including major United States allies like Japan, Canada and Australia — signed a broad trade deal on Thursday that challenges Mr. Trump’s view of trade as a zero-sum game filled with winners and losers.
Covering 500 million people on either side of the Pacific Ocean, the pact represents a new vision for global trade as the United States threatens to impose steel and aluminum tariffs on even its closest friends and neighbors.
Mr. Trump withdrew the United States from an earlier version of the agreement, then known as the Trans-Pacific Partnership, a year ago as one of his first acts in office. It will undeniably be weaker without the participation of the world’s biggest economy, but the resuscitated deal serves as a powerful sign of how countries that have previously counted on American leadership are now forging ahead without it.
“Only free trade will contribute to inclusive growth of the world economy,” Taro Kono, Japan’s foreign minister, told a group of ministers from Southeast Asian countries in Tokyo on Thursday. “Protectionism isn’t a solution.”
Source: U.S. Allies Sign Sweeping Trade Deal in Challenge to Trump – The New York Times
Here is a comment I endorsed at the NYT.
I’m sure that most in the beef industry voted for Trump. Well guess what, More expensive steel is going to mean your costs are going up and the tariffs mean your income is going down. America First? Much more of this and it will be America Last.
An aerial view shows Japan Coast Guard patrol ship, fishing boats from Taiwan and Taiwan’s Coast Guard vessel sailing side by side near the disputed islands in the East China Sea, known as Senkaku in Japan, Diaoyu in China and Tiaoyutai in Taiwan, in this photo taken by Kyodo in this file photo dated September 25, 2012.
RELATED NEWS Japan to provide planes, ships for Philippines amid sea dispute with China Japan eyes record defence budget to develop anti-ship missiles Japan protests after Chinese navy ship sails near disputed islands Japan pledges support for Southeast Asia security to counter coercive China Japan considers providing new ships to Vietnam’s coast guard.
The Japanese government said on Wednesday it is ready to provide Vietnam with new patrol ships, in its latest step to boost the maritime law-enforcement capabilities of countries locked in territorial rows with China.On Tuesday, Japan agreed to provide two large patrol ships and lend up to five used surveillance aircraft to the Philippines, another country at odds with China over sovereignty issues in the South China Sea.Japan itself has been at loggerheads with China over a group of tiny, uninhabited East China Sea islets.
Prime Minister Shinzo Abe told his Vietnamese counterpart, Nguyen Xuan Phuc, of Tokyo’s intention in their meeting on the sidelines of ASEAN-related meetings in Vientiane.Japan has already provided six patrol ships to Vietnam, but they were all used ones, a Japanese foreign ministry official said, adding that details such as the timing of the delivery and the number of ships to be provided have yet to be fixed.Japan plans to extend a low-interest loan under its official development assistance program to Vietnam to facilitate the acquisition.”
Source: Japan to provide patrol ships to Vietnam amid maritime row with China | Politics | Thanh Nien Daily