One of the defining actions of President Donald Trump`s tenure in the White House so far is his decision to withdraw the U. from a 12-nation trade pact that would have had wide-ranging implications for the global economy.
Now that deal — the Trans-Pacific Partnership — looks like it`s going to be settled without the U. That may mean American farmers and small business owners will soon regret Washington`s exit. business community that`s going to get hit the hardest when TPP happens is going to be agriculture and small and medium-sized enterprises," said Steve Okun, senior advisor at international trade consultancy McLarty Associates and a former deputy general counsel at the U.
Progress on the agreement, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, hit a milestone over the weekend as the 11 remaining members agreed on core elements for a new framework without the U.
Once the new deal is implemented, American farmers could be left at a disadvantage: The agreement seeks lower tariffs for goods traded among members, the bulk of which are Asia-Pacific nations. That means non-member countries, such as the U., will still face high rates when shipping to Asia-Pacific.
"It`s going to really benefit farmers and agricultural producers here in Asia-Pacific and not the U.," Okun told CNBC.
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