Canada Derails TTP Talks When Prime Minister Trudeau Does Not Show-up For Signing

Justin Trudeau gave no explanation for his last-minute decision to avoid the signing. Reuters: Kham

ABC News Online: 'Screwed' by Justin Trudeau, leaders fume over scuppered Trans-Pacific Partnership deal

Canadian Prime Minister Justin Trudeau has infuriated leaders of 10 other Asia-Pacific countries by pulling a sudden "no show" for the signing of a lucrative trade deal.

Mr Trudeau becomes the second leader, behind Donald Trump, to desert the Trans-Pacific Partnership — but unlike the United States President his motives and future intentions have not been publicly explained.

The 45-year-old Canadian had been due to enter a meeting in Da Nang, Vietnam, where fellow leaders had waited patiently on him to seal the "TPP-11" trade pact — a deal involving Australia, Chile, New Zealand, Brunei Darussalam, Singapore, Japan, Malaysia, Mexico, Peru and Vietnam.

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WNU Editor: Not showing up and keeping 10 other world leaders waiting .... this is a big no-no when it comes to international summits. The Canadian press is rushing to the Prime Minister's defense .... TPP meeting cancelled in Vietnam as some international media place blame on Trudeau (Toronto Star).

More News On Canada Derailing TTP Talks When Prime Minister Trudeau Does Not Show-up For Signing

Canada's PM Justin Trudeau sabotages Trans-Pacific Partnership, shocking leaders -- The Sydney Morning Herald
TPP trade pact in disarray as Canada holds up talks -- Reuters
Canada's Trudeau baulks at signing new TPP deal -- Financial Times
TPP Trade Deal Gets Bogged Down Near Finish Line -- Bloomberg
TPP leaders' meeting fails to go ahead after Canadian PM Trudeau and Japan's Abe fail to reach agreement -- South China Morning Post
Trudeau no-show leaves TPP in limbo -- The Australian
Canada derails Trans-Pacific trade deal -- SBS

President-elect Donald Trump Vows To Kill The TPP Trade Deal On His 1st Day In Office

VOA: Trump Pledges to Kill TPP Trade Deal on 1st Day in Office

President-elect Donald Trump says his first day in office will include issuing formal notification the United States is withdrawing from the Trans-Pacific Partnership, part of a series of moves based on his focus on "putting America first."

In a video message posted to YouTube Monday, Trump called the TPP a "potential disaster" for the U.S.

"Instead, we will negotiate, fair, bilateral trade deals that bring jobs and industry back onto American shores," he said.

Throughout his campaign for president Trump opposed the TPP, which involves 12 Asia-Pacific nations, as well as the North American Free Trade Agreement with Canada and Mexico. He touted his negotiating ability and said he would get new agreements that benefit the U.S.

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More News On President-elect Donald Trump Vowing To Kill The TPP Trade Deal On His 1st Day In Office

Trump says will quit Pacific trade deal on day one of presidency -- Reuters
Donald Trump to 'withdraw from Trans-Pacific Partnership' on day one -- The Guardian
Trump: US to quit TPP trade deal on first day in office -- BBC
US to quit Trans-Pacific Partnership trade deal, says Donald Trump -- The Independent
Japan PM says TPP meaningless without US as Trump nixes pact -- AP
Trump's Day One - US Out Of The TPP Which Means It's Dead, There's No Point To It -- Tim Worstall, Forbes

U.S. Pacific Rim Free Trade Agreement Defeated In The House

Washington Post: Obama-backed trade bill fails in the House

President Obama suffered a major defeat to his Pacific Rim free trade initiative Friday as House Democrats helped derail a key presidential priority despite his last-minute, personal plea on Capitol Hill.

The House voted 302 to 126 to sink a measure to grant financial aid to displaced workers, fracturing hopes at the White House that Congress would grant Obama fast-track trade authority to complete an accord with 11 other Pacific Rim nations.

“I will be voting to slow down fast-track,” House Minority Leader Nancy Pelosi (D-Calif.) said on the floor moments before the vote, after keeping her intentions private for months. “Today we have an opportunity to slow down. Whatever the deal is with other countries, we want a better deal for American workers.”

The dramatic defeat could sink the Trans-Pacific Partnership (TPP), a sweeping free trade and regulatory pact that Obama has called central to his economic agenda at home and his foreign policy strategy in Asia. Obama’s loss came after a months-long lobbying blitz in which the president invested significant personal credibility and political capital.

WNU Editor: It was not even close .... the House voted 302 to 126 to sink a measure to grant financial aid to displaced workers ... a move that assures (for now) no fast track authority for the White House. They are going to try again on Tuesday .... but a 302 to 126 vote is something that is going to be hard to overcome.

More News On The U.S. Pacific Rim Free Trade Agreement Being Defeated In The House of Representatives

House Deals Blow to Obama’s Bid for Trade Deal, Rejects Worker-Aid Program -- WSJ
A slap from fellow Democrats: Obama's trade bill derailed -- AP
House Rejects Trade Bill, Rebuffing Obama's Dramatic Appeal -- NYT
Obama quest for fast-track trade bill defeated for now in House -- Reuters
Democrats reject Obama on trade -- CNN

World Trade Talks Reportedly Fail

From The BBC:

Marathon talks in Geneva aimed at liberalising global trade are reported to have ended without a deal.

The talks collapsed after China, India and the US failed to agree on how to reform farm trading rules, trade officials told Reuters and AP.

Earlier, European Union Trade Commissioner Peter Mandelson said a stalemate was an appalling prospect.

World Trade Organization delegates are trying to ease international trade and boost global economic growth.

An official statement is expected later.

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My Comment: The failure of these talks will increase economic and trade tensions in the world. World peace and stability is dependent on open trade barriers and borders. Limitations on this trade will only inhibit growth in some countries, and raise the costs for others. At least the coming recession will bring down the world price for oil.