WASHINGTON: The new US administration of President Donald Trump said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact.
A White House statement issued soon after Trump’s inauguration said the US would also “crack down on those nations that violate trade agreements and harm American workers in the process.”
The statement said Trump was committed to renegotiating another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the US, Canada and Mexico.
“For too long, Americans have been forced to accept trade deals that put the interests of insiders and the Washington elite over the hardworking men and women of this country,” it said.
“As a result, blue-collar towns and cities have watched their factories close and good-paying jobs move overseas, while Americans face a mounting trade deficit and a devastated manufacturing base.”
The statement said “tough and fair agreements” on trade could be used to grow the US economy and return millions of jobs to America.
“This strategy starts by withdrawing from the Trans-Pacific Partnership and making certain that any new trade deals are in the interests of American workers.”
If NAFTA partners refused to give American workers a fair deal in a renegotiated agreement, “the President will give notice of the US’ intent to withdraw from NAFTA,” the statement added.
The TPP, which the US signed but has not ratified, had been the main economic pillar of the Obama administration’s “pivot” to the Asia-Pacific region in the face of a fast-rising China.
Proponents of the pact have expressed concerns that abandoning the project, which took years to negotiate, could further strengthen China’s economic hand in the region at the expense of the US.
Australia’s position that a change of heart remains possible in the US and that the trade deal can proceed, is unchanged despite the White House statement, Damon Hunt spokesman for the Australian prime minister, told Reuters on Saturday.
Trump has criticized China’s trade practices and threatened to impose punitive tariffs on Chinese imports.
The Chinese government said on Thursday that China and the US could resolve any trade disputes through talks, while a Chinese newspaper warned that US business could be targets for retaliation in any trade war ushered in by Trump.
Trump has sparked worries in Japan and the rest of the Asia-Pacific with his opposition to the TPP and his campaign demands for allies to pay more for their security.
Trump trade strategy starts with quitting TPP
Trump trade strategy starts with quitting TPP
Saudi-Japanese Ministerial Investment Forum witnesses the signing of 12 MoUs
RIYADH: The Saudi-Japanese Ministerial Investment Forum saw the signing of 12 memorandums of understanding across a wide range of sectors, including space, finance and agriculture.
The event aimed to enhance bilateral investment and trade cooperation, facilitate access to new investment opportunities, and review joint initiatives in key industries, including energy, machinery, and equipment, according to the Saudi Press Agency.
This cooperation will further strengthen the investment partnership between Saudi Arabia and Japan, particularly within the framework of the Saudi-Japanese Vision 2030, which aims to deepen economic collaboration and foster long-term strategic ties between the two nations.
The Kingdom has long been a key partner for Japan from an energy security perspective, serving as a stable and reliable supplier of crude oil for many years.
This relationship aligns with Japan’s strong commitment to supporting Saudi Arabia through the sharing of expertise and the transfer of advanced technologies that contribute to sustainable economic development.
The forum also explored ways to strengthen efforts to develop economic ties between the two countries and enable the private sector to capitalize on investment opportunities.
The forum was held under the umbrella of “Invest in Saudi Arabia” in the presence of Prince Faisal bin Bandar bin Sultan, president of the Saudi Esports Federation, the Minister of Investment Khalid bin Abdulaziz Al-Falih, and the Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha.
Among the attendees from Japan was the country’s Minister of Economy, Trade and Industry Ryosei Akazawa along with the participation of a number of government officials, as well as representatives from major Saudi and Japanese companies.
In an interview with Al-Ekhbariya, Al-Falih said: “Japan is our third largest trading partner and one of the largest investors in the Kingdom, with investments exceeding SR25 billion ($6.67 billion), if I recall correctly.
“However, our ambition is to see this mutual trade and investment, particularly Japanese investments in the Kingdom, grow.”
He added: “Specifically, we are looking to focus on promising sectors targeted by the new Japanese Prime Minister, sectors that align perfectly with the Kingdom’s Vision 2030: the technology sector, the gaming sector, electronics, and digital content; the green energy sector, and renewable energy, which the Japanese need.”
The minister went on to note that the Kingdom was the first country to export carbon-free ammonia products to Japan.
In his speech during the forum, Al-Falih stated that Saudi Arabia is preparing to begin exporting green hydrogen to Japan soon, Al-Eqtisadiah reported.
