‘U.S. NOT RETURNING TO TRADE PACT’
Washington says will seek bilateral agreements in Asia instead
The meeting, here, was the biggest global trade gathering since US President Donald Trump upended the old order with his “America First” trade policy, designed to protect American jobs.
Trump withdrew from TPP in one of his first acts in office, but the 11 remaining countries agreed to explore how they could still move ahead — partly in the hope that the US would reconsider leaving.
New US Trade Representative Robert Lighthizer said there was no way back.
“TPP-11 can make their own decisions and the US makes its decision, but we expect to stay engaged and I believe at some point there will be a series of bilateral agreements with partners in this part of the world,” he said. been diluting the price impact of their production cuts.
The producers, who together account for about half the world’s oil supply, have seen the initial price boost from their historic agreement fade as shale companies deployed more rigs and raised the country’s output to
Although the TPP members kept the trade agreement alive, they fell short of a wholehearted commitment to move ahead immediately with a deal that members also see as a way to contain an increasingly dominant China. the highest since 2015.
Officials at the Vienna meeting were relieved that two outside energy consultants had estimates for growth in average US crude output of 450,000 to 500,000 barrels a day this year, lower than the 562,000 barrel-aday forecast from Opec’s own analysts,
One of the biggest challenges is keeping on board Vietnam and Malaysia, which signed up for the deal and promised to make major reforms largely to get better US market access. They now want to renegotiate some points. Reuters said two delegates.
While news of a proposal for a nine-month extension of output cuts helped send prices to a twoweek high last Monday, crude remains stuck near US$50 (RM216.30) a barrel, less than half the level traded in 2014. Bloomberg
Saudi Energy Minister Khalid al-Falih (left) says extending the current output cut through the first quarter of next year will help oil producers reach their goal of trimming global stockpiles to a fiveyear average.