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Getting The Deal Through

Overview

Gary N Horlick

Law Offices of Gary N Horlick

Wednesday 22 August 2018


The headlines for the last year in trade focused on the newly elected President of the US, Donald Trump. On his first day of work he withdrew the US from the recently signed but not yet ratified Trans-Pacific Partnership (TPP); but a year later at Davos he mentioned in passing that the US might consider joining it, perhaps because someone had explained to him that the TPP was extremely beneficial to the farming and ranching states that had voted for him (although to date the US has done nothing constructive to do so). This reflected the new administration’s position – partially elucidated in a series of speeches, tweets and offhand statements – that US trade policy would henceforth be strictly bilateral and reciprocal in the limited sense of eliminating through trade policy the US trade deficit (or perhaps just the deficit in goods trade, rather than the large surplus in services) which is a product of the gap between US investment and US savings. Meanwhile, a month after the Davos remarks, the other 11 TPP countries met in Santiago, Chile to sign a revised TPP without the US and made clear they would be open to new members, such as the US, Korea and Colombia – or possibly the UK after Brexit.

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