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Scrapping TPP a Mistake as China Fills Void, Ex-USTR Froman Says

Posted March 24, 2017

Under Economic Issues, International Trade Issues

(Bloomberg News)

Former U.S. Trade Representative Michael Froman said the goals of a 12-nation Pacific trade pact he helped negotiate are likely to live on in some fashion and that President Donald Trump’s decision to abandon the agreement was a “terrible mistake.”

Asia-Pacific nations value “high standard rules” negotiated in the Obama administration-led deal, Froman said Friday in a Bloomberg Television interview from the Boao Forum, an annual conference on the southern Chinese island of Hainan. “The rules that we negotiated find their way into effect in some way or another in a number of different ways.”

Froman also warned that pulling out of the Trans-Pacific Partnership would have broader ramifications for the U.S. It “creates a void that China is filling in the region,” said Froman, now a fellow at the Council on Foreign Relations. Click here to read more.

Related: China As a Champion of Free Trade? Not so fast (CNBC)