President Donald trump has asked his top economic advisors to study the possibility of rejoining the multi-nation Trans Pacific Partnership (TPP), a trade pact he withdrew out the US days after assuming presidency.
"Last year, the President kept his promise to end the TPP deal negotiated by the Obama administration because it was unfair to American workers and farmers. The President has consistently said he would be open to a substantially better deal, including in his speech in Davos earlier this year," White House Deputy Press Secretary Lindsay Walters said.
"To that end, he has asked (US Trade Representative) Amb (Robert) Lighthizer and (White House Economic) Director (Lawrence) Kudlow to take another look at whether or not a better deal could be negotiated," she said.
Trump announced this during a meeting with lawmakers at the White House, Walters said.
In his remarks in Davos on January 26, Trump had said the US was prepared to negotiate mutually beneficial and bilateral trade agreements with all countries.
"This will include the countries in TPP, which are very important. We have agreements with several of them already. We would consider negotiating with the rest, either individually, or perhaps as a group, if it is in the interests of all, he had said in his remarks to the World Economic Forum Congress Centre.
Senator Pat Roberts, Senate Agriculture Committee Chairman described, Trump's rethinking on TTP as a "certainly good news".
However, Congressman Brad Sherman opposed the move.
"The Trump administration is reviving the TPP. The idea that the TPP is a counter to China is nonsense. It benefits and was in large part written by multinational corporations seeking to ease outsourcing," he said.
TPP is an ambitious trade agreement involving 12 countries.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)