Trump Vows to Scrap Biden’s Trade Pact Amidst 2024 Comeback Plans
In a passionate Iowa rally on November 18, former President Donald Trump asserted his determination to dismantle the Indo-Pacific Economic Framework (IPEF), a regional trade deal spearheaded by President Joe Biden. Trump, a vocal critic of international trade agreements, especially highlighted his opposition to what he termed “TPP Two,” drawing parallels with the Trans-Pacific Partnership (TPP) he withdrew from in 2017.
Speaking in Fort Dodge, Trump voiced concerns about the potential impact of the IPEF on US manufacturing and jobs, alleging it would lead to job losses and the erosion of American industries. The rally outlined Trump’s strategy to counter the Biden administration’s trade initiatives if he stages a comeback bid in the 2024 presidential election.
What is Donald Trump planning?
The IPEF, a key aspect of Biden’s regional strategy, seeks to provide an alternative to China’s expanding trade influence in the Indo-Pacific. However, recent hurdles in negotiations, particularly the hesitancy of nations like Vietnam and Indonesia to commit to robust labor and environmental standards, cast doubt on the viability of a comprehensive deal.
Reiterating his “America First” trade stance, Trump pledged to promptly dismantle the proposed pact if elected in 2024, drawing parallels with his withdrawal from the TPP during his first term. He promised to “knock out” what he referred to as “TPP Two” on day one of returning to the White House.
“It’s worse than the first one, threatening to pulverize farmers and manufacturers with another massive globalist monstrosity designed to turbocharge outsourcing to Asia,” Trump asserted during the rally. He painted a grim picture of the potential impact on American farmers and manufacturers, echoing sentiments that led to the demise of the original TPP agreement.
The Biden administration aimed to finalize key chapters of the IPEF at the Asia-Pacific Economic Cooperation (APEC) meeting, but challenges within negotiations and on the domestic front strain the prospects of a swift and comprehensive deal.
Trump’s recent declaration adds complexity to Biden’s trade agenda, positioning him as a forceful opponent to perceived detrimental trade policies. The fate of the IPEF and its impact on the Indo-Pacific geopolitical landscape remains uncertain, pending further negotiations and potential shifts in political dynamics.