President Donald Trump on Tuesday stated that he is against the possibility of the U.S. re-entering the Trans-Pacific Partnership (TPP), adding that he is, however, open to establishing bilateral trade deals with countries.
“While Japan and South Korea would like us to go back into TPP, I don’t like the deal for the United States. Too many contingencies and no way to get out if it doesn’t work,” Trump tweeted.
However, President Trump added that bilateral deals between two nations are “far more efficient, profitable and better” for American workers.
His remarks come after the White House dismissed the possibility of the U.S. rejoining the TPP, which is signed by 11 other Pacific Rim nations since March. Top White House economic adviser Larry Kudlow said Tuesday there are “discussions and considerations” about re-entering TPP talks, but added that “there is nothing at all concrete.”
Kudlow said “it has to be in U.S. interest for us to take another look and actually go into it” and that “the President believes it is not presently in U.S. interest to sign it.”
Last week, Trump instructed Kudlow and the rest of U.S. trade representative to look into joining the negotiating talks for the trade partnership.
Meanwhile, Japanese Prime Minister Shinzo Abe is set to have a meeting with Trump on Tuesday and Wednesday at Mar-a-Lago.
According to Reuters, future trade pacts are expected to be one of the main areas of discussion between the two leaders. Japan, which is a member of the TPP, is considered to be one of the closest allies of the United States in the Pacific part of the world.
Trump said last week his administration is working to establish a bilateral deal with Japan, saying that the island nation “has hit us hard on trade for years!”