US “studying” Trans-Pacific trade deal after imposing import tariffs

The Trump administration said it is studying the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) a day after imposing new steel and aluminum tariffs on imports.

Secretary of State Rex Tillerson put out a statement on Friday saying the Administration is studying how the CPTPP will affect American workers and America’s interests in the Indo-Pacific region.” Trump imposed a 25 percent tariff on steel and 10 percent tariff on aluminum imports Thursday only a couple hours after 11 nations signed the CPTPP, a major trade agreement that Trump argued was unfair for the United States.

The new trade deal will reduce tariffs in 11 economies that together account for more than 13 percent of the world’s Gross Domestic Product (GDP).

“The US values its trade relationships with each of the signatories to the CPTPP and looks forward to engaging them on ways to strengthen and expand trade on the basis of fairness and reciprocity,” Tillerson said.

Source: Kuwait News Agency