Republican front-runner for president, Donald Trump, declared he would thwart US President Joe Biden's proposed IPEF trade agreement if he were elected in 2024 and took office again.
Trump stated he was against the regional trade agreement the Biden administration is negotiating with 13 other nations in an address to supporters in Iowa, claiming it would destroy American industry and result in job losses.
Aiming to provide the region with an alternative to China's expanding trade clout, the IPEF trade discussions have collapsed in recent days due to the refusal of certain nations, such as Vietnam and Indonesia, to agree to more stringent labour and environmental standards.
Trump declared he would "throw away" what he called "TPP-2" if elected. Trump withdrew from the Trans-Pacific Partnership (TPP) trade pact with many of the same nations after taking office in January 2017.
"Biden's TTP-2 plan will be dead on day one under the next administration," Trump declared during a Fort Dodge campaign rally.
"It is worse than the first and threatens to crush farmers and manufacturers with another massive globalist monster designed to accelerate outsourcing to Asia."
In order to be ready for this week's Asia-Pacific Economic Cooperation (APEC) meeting, the Biden administration had wanted to finish many important chapters of its IPEF trade project. Although it pledged to carry on with the negotiations, trade experts in the business community believe that the deal is improbable due to pressure in an election year and some countries' reluctance to make hard pledges. /BGNES