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TPP breakdown could harm everyone

Avatar of Nick John By Nick John Dec23,2023 #breakdown #everyone
TPP breakdown could harm everyone 3
TPP breakdown could harm everyone 3

No one knows for sure what Donald Trump will do to both boost the US economy and strengthen the country’s position in the world.

Although many studies have shown that the TPP may not bring significant economic benefits to the United States, supporters of the agreement still say it is a key element in the US’s pivot to Asia-Pacific strategy.

In other words, TPP will allow the United States to more firmly shape labor, environmental and copyright regulations for the global economy, and demonstrate its commitment to cooperation in an important region.

Mr. Donald Trump appeared on the cover of a Chinese magazine.

In May, US President Barack Obama also mentioned this in the Washington Post: `Increasing trade in this region will benefit American businesses and workers. This will help us succeed.`

The above view was also reiterated by Japanese Prime Minister Shinzo Abe earlier this week.

`If TPP is not ratified, RCEP (Regional Comprehensive Economic Partnership) will become central. RCEP does not include the US, and China will be the economy with the largest GDP in this,` Mr. Abe

However, these warnings may not be accurate, according to some trade and geopolitical experts.

`TPP’s loss will also be China’s loss. Many people believe that TPP intentionally eliminates China. But the truth is not that simple. The US wants China to participate in the following rounds of negotiations, and China

China is promoting two potential trade agreements to compete with TPP.

The Free Trade Area of Asia-Pacific (FTAAP) is quite `ambitious` and `twice as difficult` to negotiate as TPP.

Countries can turn to these agreements.

Meanwhile, many experts believe that the failure of TPP does not affect Beijing, because its soft power and economic plans depend on its own trade agreements and investment initiatives.

The only way China can increase its power in the region is if the Donald Trump administration kills the TPP and starts imposing stronger tariffs on other countries’ imports.

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