United States allies sign sweeping trade deal in challenge to Trump

Cohn's departure increases chances of global trade war

SHEEP and goat meat tariffs into Canada and Mexico will be eliminated under the Comprehensive and Progressive Trans-Pacific Partnership agreement signed in Chile today.

"TPP 11 is a historic achievement which creates free and fair rules of the 21st century in the Asia Pacific region", Japan's Economy Minister, Toshimitsu Motegi, during the presentation said.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will partially reflect the original trade deal-reducing tariffs in economies comprising more than 13% of the world economy.

Yesterday, Trump went ahead with his threat to impose levies of up to 25% on steel and aluminium imports in a move that will impact the broader U.S. economy, decreasing demand - an assessment apparently echoed by the financial markets, which saw stocks tank following the announcement. "It is now a trade bloc that discriminates against the U.S".

Once the deal is implemented, they will look to expand the framework to include other economies, as some countries have shown interest in joining the treaty that provides "a platform that promotes high standards for broader economic integration in the future", their joint statement said.

Dozens of people protested on Wednesday in Chile where the signing of the new Trans-Pacific Partnership Agreement (TPP) will take place in the country's capital.

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However, PIIE said that Malaysia will be the biggest victor from CPTPP, as the deal will provide export access into new markets including Canada, Peru and Mexico benefiting palm oil, rubber and electronics exporters.

"It is a strong signal against protectionist pressures", Chilean Foreign Minister Heraldo Munoz said, according to local news outlet Emol. Although there is widespread agreement that China has produced and exported too much steel worldwide, other nations and even Republican leaders on Capitol Hill asked Trump not to impose the tariffs, fearing it would risk retaliation.

The EU threat and Trump's impending announcement on the tariffs were expected to escalate the risk of a trade war, in which nations try to punish each other by hiking taxes on traded goods.

The CPTPP and talks with Mercosur are part of the Canadian strategy to diversify as its traditional and largest trading partner, the USA, is shrouded in uncertainty because of the potential for an increase in steel and aluminum tariffs.

"Between the 11 countries that are in it, we are saying we're not going to do to each other what the United States is now proposing to do against New Zealand and other countries in respect of our steel and aluminium exports". "It becomes a modest liberalization measure". But the remaining countries regrouped and that culminated in the signing Thursday.

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