Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020
News Every Day |

China’s giant new trade agreement excludes U.S.

China and 14 other Asia-Pacific nations — including economic powerhouses Korea and Japan — signed a trade deal Sunday that covers a third of the global economy. The U.S. was not a part of it, and economists fear the agreement signals further loss of U.S. economic power and opportunity on the global stage.

Long story short, a group of Asian countries came together and opened their markets to one another — and the U.S. is on the outside looking in. 

“I think it’s a wake up call for the United States,” said Wendy Cutler, vice president of the Asia Society Policy Institute. The Regional Comprehensive Economic Partnership, or RCEP, is, as trade deals go, modest. But it further connects powerful economies like Japan, Korea and Australia to China. And that’s actually huge, said Jennifer Hillman, senior fellow at the Council on Foreign Relations.

“It is China getting solidified as the center of Asian investment with more goods, services and investment than ever, flowing through China,” she said. “And I think the United States is going to have to respond to it.”

The U.S. has responded to Chinese influence over trading partners before. The Obama administration negotiated and signed the Trans-Pacific Partnership. That was a comprehensive trade deal with Asian countries that left China out. Trump torched that deal.

“These countries were left out in the cold, and now they are moving towards a lesser agreement with China,” said Francesco Sisci, a researcher at the People’s University of China.

Chad Bown, senior fellow with the Peterson Institute, said every time a major trade agreement leaves out the U.S., U.S. businesses pay a price.

“Japan signed a free trade agreement with the European Union; the EU did one with Canada; the EU is doing one with South America,” he said. “The United States has been falling behind, and this is just the latest example.”

He’d advise the Biden administration to revive, modify and rebrand the TPP. A tall order given everything else on the to-do list. 

Read also

8 historical events covered in season 4 of 'The Crown' and the real stories behind them

The first country to make period products free vows to help all who need them

Mueller investigation lawyer says Trump’s ‘criminal exposure is clear’ and calls for him to face prosecution

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here