Donald Trump, the leading contender for the Republican presidential nomination, made a bold statement on Saturday, declaring that he would terminate a Pacific trade agreement currently being pursued by President Joe Biden if he were to be reelected in 2024.
Addressing his supporters in Iowa, Trump expressed his opposition to the regional trade deal that the Biden administration is negotiating with 13 other nations. He argued that the agreement would have detrimental effects on US manufacturing and lead to job losses.
Negotiations on the trade provisions of the Indo-Pacific Economic Framework (IPEF), which aims to provide an alternative to China’s increasing trade influence in the region, encountered obstacles recently when some countries, including Vietnam and Indonesia, refused to commit to stringent labor and environmental standards.
Trump, who withdrew the United States from the Trans-Pacific Partnership (TPP) trade deal, which involved many of the same countries, shortly after taking office in 2017, vowed to swiftly dismantle what he referred to as “TPP Two” if he were to assume office again.
At a campaign event in Fort Dodge, located approximately 94 miles (150 km) north of Des Moines, Trump declared, “Under the next administration… the Biden plan for ‘TPP Two’ will be dead on day one. It’s worse than the first one, threatening to pulverize farmers and manufacturers with another massive globalist monstrosity designed to turbocharge outsourcing to Asia.”
The Biden administration had hoped to finalize crucial sections of its IPEF trade initiative ahead of this week’s Asia-Pacific Economic Cooperation (APEC) meeting. However, trade experts and business groups believe that election-year pressures and resistance from some countries to stringent commitments make it unlikely for a deal to be reached.
It remains to be seen how Trump’s remarks will shape the ongoing negotiations and the future of the Pacific trade pact.
(Reporting by Nathan Layne in Fort Dodge, Iowa; Editing by Chizu Nomiyama)
