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TPP Could Be Back On; Why We Need the Trade Agreement

2018-04-13T11:47:40+00:00 April 13th, 2018|

Is Donald Trump doing a major about-face? One of his first acts as President was to issue an executive order withdrawing the U.S. form the Trans-Pacific Partnership (TPP) agreement, which had been signed in 2016 by President Obama. As of Thursday, President Trump has been persuaded to consider rejoining the TPP as an effective way to deal with China – and one that won’t harm farmers.

According to a statement from Sen. Ben Sasse (R-Neb.), who was in the meeting, President Trump directed economic advisor Larry Kudlow and U.S. Trade Representative Robert Lighthizer to “negotiate U.S. entry into TPP.” While promising, that doesn’t mean it’s a done deal. The President said he wanted more favorable terms for the U.S.

The Indiana Chamber supports establishment of free trade agreements, like the TPP, that create free and fair trade for the United States.

TPP essentially writes the rules for global trade – rules that will help increase made-in-Indiana exports, grow the economy, support jobs and strengthen the middle class.

As written, TPP would seek to eliminate over 18,000 taxes and other barriers on American products across the 11 other countries in the agreement. Most notably, this includes China.

With Indiana being ranked in the top tiers in manufacturing, life sciences, agriculture, etc., trade is imperative to Hoosier businesses. Selling more manufactured Indiana goods and services around the world is a great way to create, maintain and grow Indiana jobs, help the business community and keep Indiana and the nation ahead of global competitors.