Economy

What the Chinese are saying about the TPP

Posted February 03, 2019 18:51:50The Trump administration has given China the green light to continue a trade war with the US, a trade agreement that was signed under former President Barack Obama.

On Monday, the White House confirmed the Trump administration’s approval of the Trans-Pacific Partnership (TPP) trade agreement, which Trump had campaigned on ending.

The TPP, which is known as the Transatlantic Trade and Investment Partnership (TTIP), was signed on February 3 and signed into law in December by US President Donald Trump.

It was the US’ first major trade deal with a non-US member, and it was signed as part of an international agreement to tackle climate change, environmental protection and anti-terrorism.

But the pact is now being renegotiated in the wake of the US presidential election, with China and other countries, including Vietnam, Chile and Malaysia, also reportedly pushing for the TPP to be scrapped.US trade officials have also been trying to find new ways to address the growing threat of counterfeit and pirated products.US Trade Representative Robert Lighthizer said in a statement on Monday that the administration is committed to working with countries in the region to develop policies that protect American consumers, promote fair trade, and promote intellectual property.

The White House said the TPP has “robust protections for the rights of US companies, workers, and consumers”.

Lighthizer also called for greater access to the US market, saying that “it is time for Congress to enact new trade policies that are in the best interest of the United States and our partners around the world”.

“The TPP has been one of the most contentious and costly agreements in US history,” he said.

“The administration will continue to vigorously enforce its intellectual property rights and enforce trade agreements around the globe.”

The TPP is the largest free trade deal in history and has attracted criticism from both the US and its allies.

The agreement is also opposed by the United Nations, which argues that the deal will undermine regional stability.

The trade agreement has been criticised for not covering more than 12 countries in Asia, but Lighthizers office said that more countries would be added to the agreement by 2030.

“This is the biggest deal we’ve ever negotiated,” he added.

“We have the largest economy in the world, and we’ve got a huge amount of trade.”