from the nobody-else-will-look-out-for-you dept.
In Da Nang Vietnam, Australia and 10 other countries have tried to revive the TPP without the US.
Even though the analysis of the TPP has shown that the so called 'free trade agreement' has only minimal benefits and many drawbacks for developed nations the Australian Prime Minister is still set on having the agreement ratified. The Australian Prime Minister may be trying to push through the TPP before his government collapses due to the citizenship audit which is rapidly culling members of his party which could result in his party losing power in parliament. With the majority of the Australian public being against the TPP and with Malcolm Turnbull facing an election soon the reasons for this move to try to ratify the TPP is unknown.
If this trade agreement is accepted it will be the last in a series of detrimental trade agreements where Australia is on the wrong end of the stick. With Australia still reeling from the impact of the terrible China-Australia Free Trade Agreement the move to try to bring in another bad trade agreement may spell the end of the liberal government's long run in parliament.
President Trump, in a surprising reversal, told a gathering of farm state lawmakers and governors on Thursday morning that he was directing his advisers to look into rejoining the multicountry trade deal known as the Trans-Pacific Partnership, a deal he pulled out of within days of assuming the presidency.
Rejoining the 11-country pact could be a sharp reversal of fortune for many American industries that stood to benefit from the trade agreement's favorable terms and Republican lawmakers who supported the pact. The deal, which was initiated by the Obama administration, was largely viewed as a tool to prod China into making the type of economic reforms that the United States and others have long wanted.
Both Democrats and Republicans attacked the deal during the president campaign, but many business leaders were disappointed when Mr. Trump withdrew from agreement, arguing that the United States would end up with less favorable terms attempting to broker an array of individual trade pacts and that scrapping the deal would empower China.
Republicans in Congress have also been skeptical of Mr. Trump's tendencies on trade, and 25 Republican senators sent a letter to Mr. Trump urging him to re-engage with the pact "so that the American people can prosper from the tremendous opportunities that these trading partners bring."
Related: "Legal Scrub" of TPP Makes Massive Change to Penalties for Copyright Infringement
US Government's Own Report Shows Toxic TPP "Not Worth Passing"
Australia Leads Charge to Revive TPP While Canada Abstains