Donald Trump, the leading contender for the Republican presidential nomination, pledged to dismantle a major Pacific trade agreement that President Joe Biden is pushing if he wins the 2024 election and returns to the presidency.
During a speech in Iowa, Trump voiced strong opposition to the trade deal being negotiated by Biden’s team involving 13 other nations.
He argued that this agreement would damage American manufacturing and lead to job cuts.
Discussions on the trade aspects of the Indo-Pacific Economic Framework (IPEF), which aims to present an alternative to China’s trade influence in the region, hit obstacles recently.
Some countries like Vietnam and Indonesia declined to commit to stringent labor and environmental standards.
Trump, who pulled the U.S. out of the Trans-Pacific Partnership (TPP) shortly after taking office in 2017, vowed to eliminate what he termed “TPP Two” immediately upon assuming office again.
During a campaign event in Fort Dodge, Trump declared, “The Biden plan for ‘TPP Two’ won’t survive the next administration.
It’ll be gone from day one. This deal poses a greater threat, potentially harming farmers and manufacturers by promoting extensive outsourcing to Asia.”
The Biden administration aimed to finalize crucial sections of its IPEF trade initiative before this week’s Asia-Pacific Economic Cooperation (APEC) meeting.
Despite their commitment to continue negotiations, trade experts and business groups doubt the feasibility of sealing the deal due to election-year pressures and resistance from certain nations regarding firm commitments.