Транстихоокеанское партнёрство (ТТП или ТЭП; Trans-Pacific Partnership, TPP) — планируемая к созданию международная торгово-экономическая организация, целью которой является создание зоны свободной торговли в Азиатско-Тихоокеанском регионе. Организация создаётся на основе разрабатываемого торгового соглашения между её участниками.
Данная структура должна стать альтернативой АСЕАН и АТЭС, её создание является продолжением американской политики по сохранению контроля над Тихоокеанской зоной, созданию экономического блока для противостояния растущему влиянию Китая и России.
По прогнозам, доля стран ТТП (вместе с Японией) в мировом ВВП может достигнуть 38—40 % и четверть оборота мировой торговли (при этом лидируя по объёму доли в ВВП, но уступая в обороте мировой торговли торговому блоку АСЕАН+6 при условии участия Китая в АСЕАН).
Treasury Secretary Lew's Exit Memo: Eight Years of Progress at Treasury and a Look to the Future of American Financial Prosperity
WASHINGTON –U.S. Treasury Secretary Jacob J. Lew has authored a departure memorandum that recounts the progress and work of the U.S. Department of the Treasury over the last eight years. The memo then outlines Secretary Lew’s visions and goals for the future of the Treasury Department. The Secretary closes his departure memorandum with personal reflections on the importance of bipartisan cooperation, his optimism about America’s future, and his hope that future policymakers will take careful stock of the successes of this Administration as they consider the next steps forward. Please see the memo attached. Treasury Exit Memo.pdf The full text of the memo is below: Department of the Treasury Exit Memo Secretary Jacob J. Lew Cabinet Exit Memo │January 5, 2017 Introduction The Department of the Treasury (Treasury) is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. This role encompasses a broad range of activities, such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. Treasury’s mission was challenged like few times before in our nation’s history during the 2008 financial crisis. As few of us can forget, signs of trouble first emerged in the housing market, which set off a cascade of shocks in 2007 and 2008, including the collapse of Bear Stearns and Lehman Brothers, the freezing of credit markets, and the loss of trillions of dollars of wealth held by Americans in their homes, other assets, and businesses. By the time President Obama took office, the United States was in the midst of the worst recession since the Great Depression. The economy was shrinking at its fastest rate in 50 years and shedding more than 800,000 private-sector jobs per month. Unemployment peaked at 10 percent in 2009, a level not seen in over 25 years. The auto industry, an embodiment of American ingenuity and economic strength, was teetering on the edge of collapse; the deficit had hit a post-World War II high; and homes in neighborhoods across the United States faced foreclosure. Though the financial crisis was perhaps the most pressing challenge the country faced in 2008, it was far from the only one. Health care spending was on an unsustainable path, and millions of Americans lived in fear of facing a significant medical problem without insurance. Middle-class and working family incomes had stagnated for much of the previous three decades. Wealth disparities had grown to levels not seen since the 1920s. And after two major wars in the Middle East and strained relationships in many parts of the world, the standing of the United States around the world was in need of significant repair. We have come a long way as a country since 2008. In the following pages, I will recount the Administration’s record of progress, with a specific focus on the role Treasury has played. I will also articulate a vision for the future, and recommend steps to be taken in the coming years to make progress towards that vision. Finally, I will end with some personal reflections. Eight Years of Progress Economic Recovery Over the eight years since President Obama took office amidst the worst financial crisis of our lifetimes, we have seen a sustained economic recovery and a significant decline in the federal budget deficit. We have cut the unemployment rate in half. Our economy is more than 10 percent larger than its pre-recession peak. U.S. businesses have added a total of 15.6 million jobs since private-sector job growth turned positive in early 2010. Household incomes are rising, with 2015 seeing the fastest one-year growth since the Census Bureau began reporting on household income in 1967. And our financial system is more stable, safe, and resilient, providing the critical underpinnings for broad-based, inclusive, long-term growth. There are many factors that explain why the United States was able to bounce back so strongly from the recession. First and foremost, I credit the resilience of the American people. In addition, our policy response to the crisis was immediate and robust. Led by my predecessor, Treasury Secretary Tim Geithner, policymakers put in place a wide-ranging strategy to restore economic growth, unlock credit, and return private capital to the financial system, thereby providing broad and vital support to the economy. In February 2009, just 28 days after taking office, President Obama signed the American Recovery and Reinvestment Act, which provided powerful fiscal stimulus that resulted in a less severe recession and stronger recovery than we otherwise would have seen. Investments made through our Troubled Asset Relief Program (TARP) provided stability to our financial system, and the Automotive Industry Financing Program helped prevent the collapse of the U.S. auto industry. TARP also included housing initiatives that helped millions of struggling homeowners avoid foreclosure and lower their monthly payments. These efforts bolstered the housing market and strengthened consumer finances more broadly. And funds expended under TARP have been repaid in full, at a profit to taxpayers: in total, TARP invested $412 billion in financial institutions, large and small, during the financial crisis, and as of October 2016, these investments have returned $442 billion total cash back to taxpayers. Critically, we also acted quickly to reform our financial system, working with Congress to enact the most far-reaching and comprehensive set of financial reforms since the Great Depression: the Dodd-Frank Wall Street Reform and Consumer Protection Act. Wall Street Reform transformed the way the financial system operates, and Treasury and the financial regulators have continued to work together since its passage to implement important reforms such as the Volcker Rule, risk retention, and resolution planning for large, complex financial institutions. Because of these efforts, our system today is more stable, more transparent, and more consumer-focused. Wall Street Reform also created the Financial Stability Oversight Council, a body that looks across the entire financial system to identify future threats to financial stability, and the Consumer Financial Protection Bureau, a watchdog agency that is working hard to protect Americans from unfair, deceptive, or abusive financial practices. The progress we have made on implementing reform has resulted in a safer, stronger, and more stable American financial system—one better positioned to support growth rather than work against it, more likely for consumers to get fair treatment in their interactions with financial institutions, and less prone to major failures of financial firms that can harm Americans on Main Street. This progress must be sustained through continued follow-through, to avoid allowing a return to the recklessness and abuse that predated the worst global financial crisis of the last 80 years. A More Inclusive Economy Beyond working to bring our economy back from the brink and to spur growth, we also undertook efforts to ensure that more citizens have a fair shot at sharing in our nation’s prosperity. One of the Administration’s most significant achievements was the 2010 passage of the Affordable Care Act (ACA), which extended health insurance to millions of Americans who had not previously had it, allowed young adults to stay on the health plans of their parents, barred insurance companies from denying coverage to people with preexisting conditions, and strengthened Medicare’s solvency. Once the legislation was signed into law, Treasury implemented the law’s many new tax provisions. Beyond the ACA, the Administration made a number of other key changes to the tax code that has made our tax system significantly fairer and more equitable. Through programs like the Community Development Financial Institution Fund and myRA, and through extensive stakeholder engagement, Treasury has worked to promote access to the financial system for underserved and vulnerable populations. We also successfully worked with Congress to pass bipartisan legislation to enable Puerto Rico to undergo a financial restructuring. With continued commitment from policymakers in both the Commonwealth and the United States, this legislation will begin to put Puerto Rico on a fiscally sustainable path so that the 3.5 million Americans living there are not denied essential services and economic opportunity. Leading in the Global Economy As we put into place the financial regulatory framework to prevent future crises in the United States, we also led the international response to the crisis. We worked through the G-20 to help mobilize $5 trillion in fiscal stimulus, expand the resources of the international financial institutions by $1 trillion, and establish new institutions like the Financial Stability Board to prevent future crises. Our approach elevated the G-20 as the premier platform for international economic cooperation and put in place a demonstrated mechanism for international response. Following the financial crisis, many countries turned to policies of fiscal austerity, and Treasury vigorously advocated for a more balanced use of policy levers. Over the next several years, Treasury engaged closely with our partners and through the G-20 and other multilateral bodies to emphasize the need for short-term growth and longer-term structural reforms to put the global economy on stronger footing. Through our sustained engagement, we achieved a number of commitments from the G-20, including moving away from austerity-only fiscal policy and avoiding competitive currency devaluation. We have used the G-20 to advance a global growth agenda, and the U.S.-China Strategic & Economic Dialogue to foster increased bilateral economic coordination and engagement with China. Our sustained engagement with China has allowed us to exert positive pressure on Chinese exchange rate policy—whereas China once intervened in foreign exchange markets to drive down the value of its currency, in the past year, we have seen China intervene to prevent a rapid depreciation in the renminbi, which would have had negative consequences for the Chinese and global economies. Treasury also worked to solidify U.S. leadership by modernizing the international economic architecture to ensure that it would remain relevant in a changing world. In particular, securing the passage of International Monetary Fund (IMF) quota reform sustained U.S. leadership on the global stage. Our leadership in the IMF in turn enabled us to work through it to promote policies that supported U.S. economic and security objectives, such as economic stability in Ukraine and Greece. Promoting a Safer World Treasury has also continued to use its unique financial capabilities to address a variety of national security and foreign policy threats posed by terrorists, criminals and other bad actors. To address the changing threat posed by terrorism, including the threat posed by ISIL, we have worked with our international partners to deny terrorist financiers, fundraisers, and facilitators access to the international financial system with financial measures and targeted actions. Treasury’s sanctions against Iran played a critical role in forcing Iran to the table to negotiate a deal that cuts off the country’s pathways to a nuclear weapon. To hold Russia accountable for its aggression in eastern Ukraine and its occupation and attempted annexation of Crimea, we imposed sanctions that led to tighter financial conditions, weaker confidence, and lower investment in Russia. We also secured new domestic and multilateral sanctions measures against North Korea in the face of Pyongyang’s continued provocative behavior with regard to nuclear weapons and weapons of mass destruction. All the while, we have worked to craft a cohesive vision for the use of sanctions, in which sanctions are informed by financial intelligence, strategically designed, and implemented with our public and private partners to focus pressure on bad actors and create clear incentives to end malign behavior, while limiting collateral impact. In the face of emerging cyber threats, we have also made significant progress in coordinating cybersecurity efforts among financial regulators and the private sector, both domestically and internationally, to improve the financial sector’s resilience and to establish best practices for industry and government. A Vision for the Future Looking across the next five years, 10 years, and beyond, I see four major goals that mirror the progress above. Treasury should focus on: (i) continuing to promote more inclusive growth; (ii) moving from recovery to long-term fiscal health, (iii) remaining a leader in the global economy; and (iv) adjusting to the new threats in our world. Each of these goals brings with it major challenges that we must collectively overcome in order to reach them. Continuing to Promote Inclusive Growth Through the work of this Administration, the U.S. economy is growing again. But working families have not shared fully in the benefits of economic growth over the past decade, and there is evidence that our society has undergone structural changes that have fundamentally altered the basic social compact. It is crucial that the next Administration builds on the work already done to ensure that our prosperity is broadly shared. There are many aspects to inclusive growth, including: investing in infrastructure to create good middle-class jobs and lay the foundation for future growth, giving workers a stronger voice, enacting progressive tax policies, making quality education more available and affordable, and investing in retraining programs for those who have lost their jobs. One component most directly within Treasury’s purview is increasing access to the financial system; currently, many low-income and minority families are effectively locked out, operating without a credit card or banking history. Finding creative ways to increase access to the financial system—such as fostering new technologies—will help individuals and families transfer money and make payments safely and affordably. Financial inclusion allows people to manage life’s unexpected financial shocks, build long-term financial security, and take advantage of economic opportunities, like starting a business. Our inclusive growth agenda should not, however, be limited to domestic issues: more than 2.6 billion people live in poverty around the world, and more than two billion people rely solely on cash transactions. Moving underserved populations from a cash economy to formal banking not only increases their economic opportunity but also strengthens our ability to combat illicit and dangerous finance. Moving from Recovery to Long Term Fiscal Health The actions of this Administration, and the economic recovery those actions helped support, have sharply reduced deficits since 2009. However, both the Administration and the Congressional Budget Office project that, absent any changes in policy, the deficit will rise steadily over the next decade and beyond. Thus, while the actions of this Administration have put the country on a solid fiscal footing today, we must also focus on the long-term fiscal health of our nation. In recent years, the Administration has proposed a combination of smart investments and policy reforms that would keep the deficit under three percent of GDP for the next 10 years and nearly eliminate the fiscal gap over the next 25 years. Tax reform to curb inefficient tax breaks for the wealthy, close loopholes, and reform the taxation of capital income and financial institutions would make the tax system fairer and lower the deficit. Comprehensive immigration reform would boost labor force participation, productivity, and ultimately growth, directly addressing key fiscal challenges. Continued focus on health policy to further improve health care quality and control cost growth remains critical. This policy vision shows that investments in growth and opportunity are fully compatible with putting the nation’s finances on a strong and sustainable path. It also shows that responsible deficit reduction can be achieved without endangering vital support to poor Americans or undermining commitments to seniors and workers. Under President Obama’s leadership, there has been substantial economic and fiscal progress, showing what is possible when strategic investment to grow the economy is paired with smart reforms that address the true drivers of long-term fiscal challenges. While there is some scope for additional borrowing to finance smart investments in the next few years, ever-increasing borrowing is not sustainable as a long-run strategy, particularly when used to finance spending that does not generate higher growth or improvements for the middle class and in the case of deficit-increasing tax cuts, which deepen income and wealth disparities that are already a serious concern. Instead, the long-term fiscal health of the nation depends on smart investments in the middle class, tax reforms that close loopholes for the wealthy and ensure that everyone plays by the same set of rules, comprehensive immigration reform, and health reforms that build on our progress to date without sacrificing coverage or quality. Remaining a Leader in the Global Economy The United States must continue its long history of international economic leadership. Such leadership benefits American workers and families and enables the United States to project its values abroad to achieve its larger foreign policy objectives. Of course, the world has changed since the creation of our international financial architecture after World War II, and we must change with it. Perhaps somewhat counterintuitively, our influence internationally will increase if we share the benefits, as well as the responsibilities, of managing the global economic and financial system with emerging economies, such as China. Our influence, however, cannot be sustained if we either back away or insist on protecting the status quo. But we face a host of challenges. Our relationship with China is one of the most important in the world. While we have made much progress over the past eight years, the degree to which China is willing to takes the steps necessary to follow through on commitments to reorient its economy toward more sustainable growth, open up to foreign businesses, and be a partner in global governance, remains to be seen. As we saw from the example of Chinese exchange rate policy, engagement between the United States and China is an important means of maintaining pressure for China to implement policies that are necessary for China’s own medium and long-term economic health and to create a level playing field for the world economy. The UK’s decision to leave the European Union sent shockwaves through Europe and the world, and we must closely monitor the situation and continue to argue for the benefits of continued integration post-Brexit. Japan’s economy faces the ongoing challenges of an aging population and high public debt hampering the government’s ability to foster growth. We must also keep a watchful eye on emerging economies and the unique challenges they face. In particular, in recent years, we have made progress in our relations with Latin America, particularly with Mexico and Argentina, and we should build on that progress. Adjusting to the New Threats in Our World With the rise of state-sponsored and lone wolf terrorism, rogue nations, and international strongmen, we must address the reality that we live in a dangerous world. Making it safer means using every tool available—including the financial tools available to Treasury—to defeat and degrade terrorist organizations like ISIL. We must continue to leverage our ability to impose crippling sanctions on states and individuals to change behavior. We must seek to eliminate the proliferation of nuclear weapons. Cyber attacks on our financial system represent a real threat to our economic and national security, and maintaining vigilant and coordinated efforts to keep pace with and respond to these threats has been and will remain a crucial piece of Treasury’s work. And we must recognize global climate change for the economic and existential threat that it is and band together with the rest of the world to avert catastrophe. How to Make Our Vision a Reality How do we accomplish the goals laid out above? To be sure, there are a host of paths policymakers might take to do so, but I believe the following steps, which range from specific policy prescriptions to more general advice, are the most immediate. Infrastructure Spending Moving forward, we must redouble our efforts to make investments in our country’s transportation infrastructure, which help create middle-class jobs in the short term and drive broad-based economic growth in the long term. Indeed, by fixing our aging roads, bridges, and ports, we will help lay a foundation for widely shared economic expansion. The President’s business tax reform framework, discussed in more detail below, would generate substantial one-time revenues to fund new infrastructure investments. Paying for these investments by taxing overseas business profits would both be fiscally responsible and would help fix the perception that our tax system is not a level playing field. Continuing to come up with fresh, new ways to deploy capital will help the country achieve these goals. Effective partnerships between government and the private sector can play an important role in developing innovative solutions that efficiently leverage resources. And taking advantage of historically low interest rates to fund high-return public investments is simply smart fiscal policy. This Administration has long advocated for the creation of a national infrastructure bank, which would provide critical financing and technical support to foster public-private partnerships in U.S. infrastructure and establish a predictable source of long-term financing that would allow U.S. infrastructure to be consistently improved. Business Tax Reform Over the last eight years, Congress and the Administration have taken important steps to make the tax code fairer, support working families, and roll back unnecessary and unaffordable tax cuts for high-income families. In addition, using its administrative tools, the Administration has made substantial progress over the past eight years in combatting abusive tax practices. However, our business tax system remains in need of reform. As I have emphasized repeatedly throughout my time as Treasury Secretary, only Congress can enact business tax reform, which is necessary to remove incentives for businesses to relocate overseas, raise one-time revenues to promote infrastructure spending, and simplify tax compliance for smaller businesses. President Obama’s proposed plan for business tax reform sets out a framework for modernizing our business tax system. Among other elements, it would prevent companies from using excessive leverage in the United States to reduce their tax burden, impose a minimum tax abroad to help fight the global race to the bottom, impose a one-time tax on unrepatriated foreign profits, and reform the taxation of financial and insurance industry products. It also would close loopholes and special credits and deductions to lower rates without shifting the tax burden to individuals. Enacting such a plan would enhance our competitiveness and create an environment in which business rather than tax considerations drive decision-making. The President’s framework is also fiscally responsible, ensuring that business tax reform does not add to deficits over the long-term. I am hopeful that this framework will help to equip the new Congress to take responsible action on business tax reform. Housing Finance Reform Fixing our housing finance system remains the major unfinished work of post-financial crisis reform. Though the housing market has made significant strides thanks to efforts on the part of the Administration to help struggling homeowners, stabilize the housing finance system, and restore broader economic growth, many homeowners and neighborhoods continue to struggle. Fannie Mae and Freddie Mac remain in conservatorship and continue to rely on taxpayer support. Only legislation can comprehensively address the ongoing shortcomings of the housing finance system. A starting point for such legislation should be the principles President Obama laid out in 2013, which stressed a clearly-defined role for the government to promote broad access to consumer-friendly mortgages in good times and bad. While private capital should bear the majority of the risks in mortgage lending, reform also must provide more American households with greater and more sustainable access to affordable homes to rent or own. Global Economic Integration Global economic integration, including high-standards trade, leads to better economic outcomes than isolation and protectionism. High-standard trade agreements such as the Trans-Pacific Partnership can expand U.S. economic growth, open markets for American exports, and strengthen labor and environmental safeguards so that American workers can compete on a level playing field. But economic uncertainty, both domestically and abroad, threatens this framework. Whether driven by trade, technological advances, or the changing structure of the markets for labor and capital, these anxieties are real and deeply felt. In order to continue to enjoy the benefits of an integrated world, we need to focus on policies that address the real issues of inequality, such as slowing wage growth and increasing disparities in pay, to ensure that the benefits of trade are broadly felt. Strengthening the rules, alone, is not enough. To preserve this important engine of economic growth and international integration the United States and other advanced economies must also design and implement policies—including fiscal and tax policies—that advance the cause of inclusive, sustainable, and broad-based growth. Not all countries have the fiscal space sufficient to meet these needs, but after years of urging by the United States, policies of austerity are one-by-one giving way to policies designed to grow demand and improve incomes. The United States must continue to be an active voice in the global discussion of these issues. The United States must also maintain its leadership in the international financial architecture and ensure that the U.S.-led international financial system is adapting to best preserve U.S. interest in a changing world. This includes continued governance reforms of the IMF and multilateral development banks to reflect a changing world. Clear global rules create opportunities and incentives for innovation, invest, and work, which are critical to the United States and drive economic progress in other regions of the world. Continued Engagement with Challenging Partners Just as global economic integration has fueled economic growth, that integration—and our economic strength—provides us with additional tools to advance our priorities on the international stage. We should continue to use these tools judiciously to maintain pressure on those countries that take aggressive and destabilizing actions, such as Russia and North Korea, and provide sanctions relief when the targeted malign behavior changes, as with Iran and Burma. And, as we chart new courses with other countries, such as Cuba, we should be mindful of how we can use our economic tools to create the conditions for a changed relationship. We must always take care to avoid the overuse of sanctions, particularly our most unilateral tools like secondary sanctions that extend to non-U.S. persons. If we overuse these powerful tools, we risk lessening their impact when they are most needed and ultimately threaten our central role in the global financial system. Looking Forward with Optimism We have learned the hard way that deadlock does not produce good results—government shutdowns and near default on our debt cost the United States both economically and in standing around the world. It did not work in the 1990s, and it did not work over these past eight years. What has worked is finding opportunities in the sometimes quiet periods when bipartisan cooperation can lead to honorable compromise. In recent years, we have seen that targeted budget agreements could pave the way for more orderly and economically beneficial outcomes. We have seen that, on issues like creating a path forward for Puerto Rico and multi-year funding for our surface transportation programs, bipartisan compromise is still possible. But there is much more that requires this kind of progress. Treasury plays a critical role in finding areas where bipartisan solutions are possible. In a period when many thought little could be accomplished legislatively, we reached agreement on IMF Quota Reform, an approach to deal with Puerto Rico, and a permanent extension of expansions to the earned income tax credit and child tax credits that will reduce the extent or severity of poverty for millions of families with children. We have also used our existing authorities to limit corporate tax inversions, shed greater light on beneficial ownership to limit tax avoidance, realize tax parity for same-sex spouses, and opened relations with Cuba. And we have used our sanctions authorities to bring Iran to the negotiating table and limit the resources available to terrorist regimes and groups. I am proud of the record we have built over the past eight years. But during calmer economic times, policy makers are often tempted to roll back regulations, weaken reforms, and reduce oversight. I hope that future policymakers will take careful stock of the successes of this Administration as they consider the next steps forward. I remain an optimist about America’s future and wish the next team entrusted with responsibility for governing much success as it tackles the many challenges that remain and the new challenges that will present themselves over the coming years. Margaret Mulkerrin is the Press Assistant at the U.S. Department of Treasury. ###
Ранее Джастин Трюдо не явился на встречу, где планировалось объявить о возрождении регионального соглашения
Print section Print Rubric: America damaged the Trans-Pacific Partnership. Others are fixing it Print Headline: Repair job Print Fly Title: Trade deals UK Only Article: standard article Issue: The army sidelines Robert Mugabe, Africa’s great dictator Fly Title: Trade deals Main image: 20171118_FNP506.jpg REVIVING the original Trans-Pacific Partnership (TPP), a trade deal between 12 countries around the Pacific Rim, is technically impossible. To go into force, members making up at least 85% of their combined GDP had to ratify it. Three days into his presidency, Donald Trump announced that America was out. With 60% of members’ GDP gone, that deal was doomed. But on November 11th, another began to rise in its place, crowned with a tongue-twisting new name: the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). Ministers from ...
Dean Cheng Security, Asia In Tokyo, Seoul, Da Nang, and Manila, President Trump reiterated that the network of American alliances remains in place, and that he is not stepping away from them. As President Donald Trump began his twelve-day visit to Asia, it was clear that this would be a major event in his presidency. This trip, the first by President Trump to the region since taking office, would be the longest trip any American president had made to Asia since George H. W. Bush’s administration. It would include visits to key allies: Japan, South Korea, and the Philippines, as well as Vietnam, a major player in the ongoing South China Sea disputes. It would also mark President Trump’s first state visit to the People’s Republic of China (PRC). The itinerary included not only opportunities for bilateral exchanges, but also a host of major regional events, including the Asia Pacific Economic Cooperation (APEC) summit, the ASEAN summit and the East Asia Summit (EAS). The president’s focus on American economic concerns has aroused regional fears—will the United States continue to support the trade arrangements that have sustained the economic growth that has brought unprecedented prosperity to over a quarter of the world’s population? Uncertainty from Washington, Volatility in Asia There is also a large amount of uncertainty that have been generated by some of the president’s tweets and comments. Many wonder: - To what extent is the United States still committed politically to the region? Candidate Trump’s comments about allowing South Korea and Japan to develop nuclear capabilities were interpreted by many as potentially signaling an imminent American withdrawal from the region. - To what extent is the United States still committed economically to the region? Trump’s rhetoric regarding an “America First” economic policy seems to have found a very narrow application in his decision to withdraw the United States from the Trans-Pacific Partnership (TPP) negotiations. Moreover, the administration’s focus on trade deficits suggests a much more zero-sum view of trade in general. Read full article
President Donald Trump on Wednesday touted his diplomatic trip to Asia as “historic,” despite a dearth of marquee victories for the White House while traveling abroad. “When we are confident in ourselves, our strength, our flag, our history, our values, other nations are confident in us," Trump said while addressing reporters in the Diplomatic Room of the White House — his first public comments since returning from overseas. “During our travels, this is exactly what the world saw: a strong, proud and confident America.”But while the president cited “incredible progress” from a trip in which he sought to “reaffirm old alliances and form new friendships,” the White House seemingly did not draw any major diplomatic concessions from the nations it visited on major issues like North Korea's nuclear efforts, new trade pacts or human rights. The president also boasted of significant advances on U.S. trade policy while abroad, calling for “fairness and reciprocity” to be restored to U.S. trade deals. But he did not extract a pledge from any nation to launch new bilateral negotiations, and the 11 nations that are a part of the Trans-Pacific Partnership, which Trump withdrew the U.S. from in January, agreed over the weekend to move forward on a new framework without the U.S.The president on Wednesday also hailed strides made by U.S. diplomatic allies in their efforts to curb North Korea’s burgeoning weapons program, citing moves by the Chinese and Japanese governments aimed at exerting pressure on North Korean leader Kim Jong-Un as evidence of his successful overseas maneuvering. “Speaking before the National Assembly of the National Republic of Korea, I spoke the truth about the evil crimes of the North Korean regime and I made clear that we will not allow this twisted dictator to hold the world hostage to nuclear blackmail,” Trump said of his speech in South Korea.During Trump’s visit to Tokyo, Japanese officials announced last Monday the government was freezing the assets of nine organizations and 26 individuals linked to North Korea as a part of a sanctions package against the nation. Chinese officials announced that following Trump’s two-day visit they would send a high-level special envoy to North Korea, reopening a channel of communication between the two nations amid calls from the U.S. president for the country to tighten its grip on the Kim regime.
In a clear rebuke to Trump’s bilateral trade polices, the remaining eleven members of the TPP are moving forward—without the U.S.— with what is arguably the most progressive multilateral trade agreement in a generation.
Four Seasons Hotel Washington, D.C. 4:47 P.M. EST THE VICE PRESIDENT: Thank you, John. Thank you for that warm introduction. Thank you all for that welcome. It’s an honor to be here today at the 10th annual CEO Council of the Wall Street Journal. I know this has been an invigorating day and a half for all of you. And I’m humbled and honored to be able to speak to you today. This is a gathering of leaders of consequence. It’s amazing to think that companies gathered here represent $2.5 trillion in annual revenue and millions of jobs across the United States of America. So we thank you for your leadership. We thank you for your investment in America and your belief in America’s future. We know that communities large and small, across this country, depend on the companies that are represented here and the decisions you make each and every day. To the business leaders in this room, I’m grateful for the leadership that you provide and I bring greetings from a businessman-turned-President, who’s absolutely determined to make America’s economy great again. I bring greetings from the 45th President of the United States, President Donald Trump. The President sent me here today to say thank you. Thank you for all that your companies mean to a growing American economy. But he also sent me here to give you an update on the progress of our administration. As we speak, the President is winging his way back from a 13-day journey across the Asia Pacific. Throughout the past week and a half, the President has been busy forging stronger relationships with nations and key allies all across the region. He has in every real sense been about the business of restoring American leadership on the world stage; economically and diplomatically restoring that leadership and strengthening our economy along the way. In fact, last Thursday, President Trump joined President Xi, in China, to announce a series of agreements between American and Chinese companies which would result in more than $250 billion in deals that will benefit the American economy. But as the leaders in this room know well, strengthening America’s economy ultimately starts here at home. And President Trump has already taken decisive action -- as you heard about from some of my counterparts who have been here earlier today -- to strengthen the American economy. And I’m pleased to report to you on the progress that we’ve made. Before we look forward -- before we look at what we’ve accomplished, it’s important that we look back. I don’t need to tell all of you about the failed economic policies of the recent past. It seems like over the last eight years, Washington, D.C. was busy producing reams of red tape, restricting American energy, burdening American businesses, and American families with more government, more taxes, more regulation, and less freedom. And we all know the results -- the most powerful economy in the history of the world grew in the last eight years by only 1.8 percent. One company after another, heartbreakingly, not only laid off workers but many times announced plans to expand their operations not here, but around the world. Wages stagnated for hardworking American families. And worst of all, we saw a decline in the number of Americans who actually believed that the best days for America and the best opportunities for their children lie ahead. Make no mistake about it: Under President Donald Trump, those days are over. Since the very first day of this administration, President Trump has fought tirelessly to give American businesses and American families the economic opportunities and freedom they need to prosper. I’m pleased to report to you that since the advent of this administration, President Donald Trump has signed more laws rolling back federal red tape than any President in American history. This year alone, federal agencies have canceled or delayed 860 planned regulations, and we’ve kept new net regulatory costs at zero. And next year, we’ve actually charged our Cabinet to achieve something that’s never been done before in modern American history. We’ve charged our Cabinet to achieve a net reduction in federal regulatory costs. The era of over-regulation is over in America. At the same time, our administration has been busy unleashing American energy. As you all well know, affordable and abundant energy is the lifeblood of American business. And President Trump has been committed to putting into practice an all-of-the-above energy strategy that will unlock all of America’s boundless natural resources. In one of his first acts in office, President Trump approved the Keystone and Dakota pipelines. We’re expanding access to offshore drilling. And last month, we announced that we’ll repeal the so-called Clean Power Plan that’s put such an enormous burden on job creators and businesses and the cost of energy in this country. When it comes to international trade, President Trump has announced to the world in the recent days and announced throughout this administration that he’ll continue to put America First. Last week in Vietnam, the President laid out with specificity his vision for trade in this administration that would be both free and fair. As the President said in his words, the United States will “no longer enter into large agreements that tie our hands, surrender our sovereignty, and make meaningful enforcement practically impossible.” Which is why earlier this year, the President made the decision to withdraw from the Trans-Pacific Partnership. Instead, as the President said, America will pursue bilateral trade agreements in his words, “rooted in the principles of fairness and reciprocity.” And as the President made clear, “we expect that markets will be open to an equal degree on both sides, and that private industry -- not government planners -- will direct investment.” In fact, earlier this year, the President directed me to work with my counterpart in Japan, Deputy Prime Minister Aso, to initiate a Japan-U.S. Economic Dialogue. It’s already resulted in the lessening of market access barriers between the United States and Japan, and it is laying the foundation for a free trade agreement between the United States and our great ally, Japan. And lastly, back here at home, President Trump has been busy appointing strict constructions to our federal courts at every level -- men and women who will uphold the Constitution, faithfully apply the laws as written, and ensure the administrative state stays within its proper roles. Most notable amount of those appointments is the newest justice of the Supreme Court of the United States, Justice Neil Gorsuch. So it’s about regulatory reform. It’s about unleashing American energy. It’s about bilateral trade, and it’s about the rule of law. That’s the leadership President Trump has been providing so far in the early days of this administration. But as I said, we’re just getting started. What is really remarkable though, is that for the progress that we have made since that day, January 20th, America’s economy and confidence in America is rebounding in ways that are benefiting American workers and American growth. Businesses from the outset of this administration, like those represented in this room, have already created 1.5 million new jobs, including 261,000 jobs created by businesses large and small in the month of October. Employer confidence is soaring all across America, especially in the vital area of manufacturing, in the life of this country. And of course, the stock market is setting new records nearly every week. And since the outset of this administration, the Dow Jones Industrial Average has actually increased 28 percent, creating $5.5 trillion in new wealth -- benefitting pensions, retirement, and savings accounts for tens of millions of Americans. As the President likes to say though, “It’s all about growth.” And today, I’m pleased to report to you that the economy has grown by at least 3 percentage points for the past two quarters. And the New York Fed expects it to grow even faster before the year is out. In a word, the America economy has real momentum as a result of the policies and the leadership of President Donald Trump. But as I said before, we’re just getting started. To keep this momentum going, the President and I believe, there’s one thing more we must do before the end of this year. And with President Trump’s leadership, and strong support in the Congress of the United States, we’re going to cut taxes across the board for working families and businesses large and small. Now, I’m not here today to endorse any particular bill moving out of the House and the Senate. You heard a lot of details from Secretary Mnuchin, Secretary Ross, Gary Cohn -- I know they’ve already given you detailed updates on that. As you well know, the House of Representatives is set to vote on their tax cut bill later this week. The President will be traveling to Capitol Hill to speak to members of the House Republican Conference on this Thursday. And we may well expect a vote that day. The Senate will vote on their bill in the week after Thanksgiving. We are making steady progress toward delivering historic tax relief for the American people. But as you heard from Leader McConnell and from the leaders in our administration, we’ve been hand in hand with leaders in both chambers of Congress to move forward on the President’s vision for tax reform. But let me take a step back for just a second and talk about tax cuts in the context of American leadership. Over the last year as Vice President, I’ve traveled all across this country. Every place I visited, I’ve talked to job creators and working families about the enormous burden that our tax code places on their success and on growth. And the truth is the tax code today takes too much of the American people’s hard-earned money. It makes it harder for companies, large and small, to grow. And the tax code is so complex, it seems mainly to benefit the lucky few -- the wealthy, the well-connected who can afford to hire armies of lobbyists and lawyers here in our nation’s capital. The simple truth is our tax code has been a barrier of growth. And as a result, American families and American business have been falling behind. Today, it’s amazing to think: Taxpayers spend over 6 billion hours every year dealing with their taxes, and it costs our economy $262 billion every year in compliance. That's more than $800 for every man, woman, and child in America just to figure out what you owe the federal government. But it’s not just the complexity of our tax code that hurts working families, it’s the burden of high taxes that are imposed on our businesses, too. Nearly 30 years ago, it’s amazing to think, America had one of the lowest corporate tax rates in the developed world. It spurred an era of soaring income and jobs and growth. But today, America has fallen behind our competitors when it comes to corporate taxes and business taxes. Our corporate tax rate is now the highest in the developed world. And even worse, our outdated system of worldwide taxation penalizes businesses for being headquartered in America by taxing every dollar they earn overseas. Now, I have no doubt that all the great Americans in this room want to expand your companies here in America first, to create more jobs in the communities in this country where you call home, to raise the wages of millions of Americans that you employ. But the truth is that too many American businesses have found it easier in recent years to close factories and move jobs overseas than to find a way to figure out how to grow here. Well, those days are over. The truth is too many companies in the last 10 to 15 years have faced that terrible choice between corporate profits and country. And working families have felt the pain in the form of hollowed-out communities, lost jobs, lower wages, and less hope. And I know there’s pain involved. Just because you sit in the CEO suite doesn't mean you're not a real person who lives in the neighborhood, who knows people. I’ll never forget the day in Muncie, Indiana I was at the Rotary Club. And the owner of a third-generation business stood before his fellow Rotarians with tears in his eyes and announced that he was moving all of his manufacturing over to the East Coast of China just to keep his business doors open. The truth is there were a lot of factors to that, but our tax code, our high corporate taxes was one of the main culprits. So those days of taxes driving jobs out of America are about to end. As I said before, we've fallen behind in tax policy and its impact on America. And President Trump is absolutely committed to advancing tax cuts and tax reform along the following outline. First, we're going to cut taxes for working families in real and meaningful ways and let people have more money in their pockets. Secondly, we’re going to restore simplicity and fairness to the tax code, so that the American people have the opportunity to file their taxes on their own. And lastly, we’re going to make our economy competitive again by making a corporate tax rate low and competitive on a global stage and transforming the way we tax business income to make American businesses competitive. So let me take each one of those elements of the President’s vision one by one. First, as I mentioned, the President is committed to cutting taxes for working families. He talks about this tax cut bill being a “middle-class miracle.” And I promise you, as the legislation continues to move through the House and Senate, our focus is going to be on making sure that the majority of the resources here benefit the paychecks and benefit the pocketbooks of working families across America by lowering the marginal tax rates, by increasing and doubling the standard exemption, by increasing and improving the per-child tax credit. These are all elements of ensuring that middle-class Americans, working families will benefit and prosper as a result of this tax relief. Let me also say with today’s headlines that the President and I welcome word that the Senate Finance Committee will include the repeal of the individual mandate of Obamacare in the Senate tax cut bill as it moves forward in that chamber. As you all know, the President had urged that we include a full repeal of the Obamacare tax at the center of this tax reform. This would repeal the mandate that's at the heart of Obamacare. But make no mistake about it, this would also be a middle-class tax cut. As the Wall Street Journal reported yesterday in their left column, more than one in three households that paid the Obamacare tax, the mandate tax in 2015, earned less than $25,000 a year. And more than 90 percent made less than $75,000 a year, according to IRS data. The truth is by eliminating the Obamacare mandate tax, we will pass and enact real tax relief for working families all across America, and we will end the era that began seven long years ago where the federal government has the taxing power to order every American to buy insurance -- whether they want it, or need it, or not. So this is all about benefits for working families. But secondly, we're going to restore simplicity and fairness to the tax code. The goal is that Americans will be able to file their taxes -- at least nine out of 10 Americans will be able to file their taxes on a single sheet of paper. The truth is that average Americans should not have to go out and hire the accountants and the lawyers that a business has to hire just to figure out what they owe. So we're going to work for tax simplification, and we're going to lift an enormous burden off the American economy. And make no mistake about it, when you think about the sheer cost in time and resources that Americans spend filling out their taxes, that opportunity cost robs real energy from our economy. And so by simplifying the tax code, we're going to leave more money in the pockets of the American people and less time at a kitchen table over a calculator, anxiously computing late into the evening. Finally, we're going to make our economy competitive again by cutting the corporate tax rate and fundamentally transforming the way that we tax businesses in America. Now, when it comes to economic growth, I want to tell you the President is very passionate about this last issue. If you take nothing else from my message today, I want you to take the fact that this is going to be a middle-class tax cut. We're going to simplify the tax code. And without apology, we're going to fight to make American businesses more competitive by lowering the business tax rate. We're going to lower the corporate tax rate from 35 percent to 20 percent -- and not a penny more. The simple fact is -- and you may have heard this from some of my counterparts -- that President Trump has made it clear, he agreed on the 20 percent number, and that's it. Truth is that when we get to 20 percent, we’ll go from one of the highest rates in the developed world to below the average in the industrialized world. And the President is determined to dig in for it. We’re also going to make sure that small businesses, which are the engine of the American economy in so many ways, get the same tax relief as corporations like you. We're going to cut the pass-through tax rate to 25 percent, which will be the lowest for subchapter S, small businesses, or LLCs, as they're known -- for small businesses, it will be the lowest tax rate since 1931. We’re also going to replace the outdated system of worldwide taxation with a territorial system, so only the money that’s earned in America is taxed in America. And we're going to let businesses fully and immediately write off the cost of new equipment and other capital investments because all companies need to grow and to grow fast. And finally, we’re going to cut taxes on the trillions of dollars that many of your companies have locked overseas so you can bring those dollars back here to America to invest in American growth, American jobs, and America’s future. So rest assured that President Trump is committed to middle-class tax relief and tax reform and simplification. But we also believe this is all about competitiveness, and we're absolutely determined to work with the leaders in the House and the Senate to ensure that America’s business taxes put each one of you in a competitive position to grow jobs here in the United States of America and not have to make the choice that businesses have faced with heartbreak in years past. We truly believe that tax cuts for businesses, for individuals are going to unleash a tidal wave of growth. With the American people having more money in their pockets, American consumers are going to have more dollars to spend. With more resources in your businesses, we believe we’ll see a wave of capital investment, creating millions of jobs, spurring an era of innovation. And we truly do believe, as you've heard from Dr. Kevin Hassett and others today, we truly do believe that by lowering business taxes in America, that we will set the stage for wages to rise for working Americans all across this country. Earlier today, Dr. Hassett, I know, spoke of the work that he’s done in this area. As he’s brilliantly showed in recent published work, our tax cut for American businesses we believe will boost wages for American workers. In fact, once these tax -- go fully into effect, we believe the typical American household can actually expect an extra $4,000 in their pockets every year at least. Now, previous administrations in both political parties have supported corporate tax cuts for exactly the same reason -- because it is a consensus view -- the degree of the impact has always been debated -- but it has been a consensus view that lowering corporate taxes is the most effective way to move that stubborn number of wage increases in this country, and we're going to be fighting and fighting hard for it. The truth is that economists from across the ideological spectrum have long agreed that cutting taxes on businesses will boost wages for workers. And President Trump and I agree. As the United States’ competitors have already proven, low business taxes mean bigger paychecks for workers. In the last year alone, the 10 developed countries with the lowest corporate tax rates experienced a wage growth of nearly 4 percent. The 10 countries with the highest tax rates, including the United States, had wage growth clocked in at a mere half a percentage point. Men and women, those are hard numbers. Those are real numbers. And the reality is that we truly believe that by lowering business taxes in America, each and every one of you is going to invest in your most precious asset the most, that is your people -- all the hardworking people that make your companies successful. It’s happened in other countries. It’s happened in the past. It’s going to happen again in the United States of America. And we need all of you to tell this story. The truth is each and every one of you needs to tell the story about what business taxes mean to the people who work for your companies and who work all across this economy. And the truth is I want to thank the editorial board of the Wall Street Journal for doing the job that they've done to illuminate this reality. But as I close I really do want to finish with a challenge to each and everyone one of you. We have a historic opportunity to renew sustained American growth at 3 percent or more, benefitting the American economy, American workers, and American businesses for generations, but we need your help. President Trump and I need your full and unwavering support to pass tax cuts and tax reform and to do so this year. You're here today as a member of this council because you're uniquely influential. You're men and women who lead companies of enormous consequence in our economy, in the communities, in the country, and in the halls of government. So I want to encourage you to do a few things before you leave town and as soon as you leave town. Number one, sit down with your employees, your suppliers, other business leaders in your community and let them know what you've heard here today. If you share our conviction that now is the time for historic tax relief for the American people, and that it’s going to make a real difference in the ability for your companies to grow, I want you to go tell somebody, especially the people that work for your, especially the people that supply your company, your vendors and your suppliers. And I also want to encourage you to take the opportunity to speak to the people that represent all those people that work for you and let them know that now is the time for us to do all that we can to set politics aside and embrace this historic opportunity to pass meaningful tax cuts and tax reform for the American people. This is a once-in-a-generation opportunity, but we're not going to get it done unless we get it done together. And the truth is that tax cuts have been throughout our history a bipartisan affair. When John F. Kennedy reduced taxes and spoke about a “rising tide lifting all boats,” it was bipartisan. It was bipartisan tax relief that passed. When Ronald Reagan did the same in 1980, Republicans and many Democrats came together to support an effort to let the American people keep more of what they earn to make America more competitive. And the truth is that we've got a historic opportunity, but I want to challenge each and everyone one of the leaders in this room to lead -- lead on this issue. And do it in days, not weeks -- because I have to tell you we've got a tremendous opportunity in front of us that with your help and with your support, with the strong leadership of President Donald Trump, and with the support of the men and women who represent the American people in the Congress of the United States, I truly do believe that we can pass historic tax relief in the Congress of the United States, and we can pass it this year. But let me close just by saying it’s an honor to be with all of you. I’m very aware of the stature of the men and women in this room and the impact that you have on the life of this country, and the impact that you have on millions of hardworking Americans who work in the companies that you lead. And I’m honored to be with all of you today and humbled by it. I also want to say to each one of you that I know that you're great employers. You create great jobs in America. But I also want to say that I’m aware that you're great corporate citizens. I know that it would be impossible to go into the communities where your companies employ Americans and not see the marquis and the banner of your company on virtually every worthy cause in town. Hard to go to a Little League game and not see the name of your company hung over the back fence outside, past the outfielders. And just know the President and I appreciate the generosity of each one of these companies as corporate citizens. But it’s in that last word that I just want to challenge you -- you're such great corporate citizens, I encourage you to maybe exercise the citizenship in one more renewed way in the next month, and that is step up as corporate citizens to help us communicate past the politics of this town how important it is that we seize this opportunity to bring real tax cuts to the middle class in this country, to bring real tax reform and simplification to the American people, and that we bring about a transformational reform of America’s business taxes to unleash the boundless energy of the American economy. And let me say with confidence that you all will do that, with confidence in the leadership of President Donald Trump and in all those that represent us in the Congress of the United States, I say I know we will pass the largest tax cut in American history, and we’ll pass it this year. Let’s get to work. Thanks, everybody. God bless you and God bless the United States. (Applause.) Q Thank you, Mr. Vice President. Thank you for being here. You've kindly agreed to take a few questions. You may or may not regret that decision later. (Laughter.) But we appreciate it. THE VICE PRESIDENT: You bet. Good to see you. Q Thank you. So as you said, as we speak, the President is winging his way back from Asia. So let me start there. And as you also suggested, in his work in Asia, the President annunciated I think a paradigm shift in trade, essentially no more big multilateral deals. We're going to focus on bilateral deals that are better for the U.S. But let me pose the problem as I can see with that, which is that (inaudible) -- THE VICE PRESIDENT: One of the earlier conversations the President and I had when I joined the campaign was precisely on the issue of trade. I come from a manufacturing state and an agriculture state, and the President spoke to me about a vision for trade that is really built on arms-length relationships with countries around the world. President Trump believes in trade. He believes in, as he says, free and fair trade. But as he said to me then, and he said over the course of his travels this last week, the President just simply believes that these multilateral deals that tie many nations together ultimately result in the United States losing leverage for the ability to hold people accountable for the commitments that they make in the trade arrangements. And he believes that we’ll be able to advance the interests of our country and the countries that we're trading with more effectively if we simply have arms-length relationships. It’s one of the reasons why he initiated the economic dialogue with Japan that Deputy Prime Minister Aso and I have been working very diligently on with meetings in Japan and here in Washington, D.C. And, Jerry, I would tell you that I do believe that in talking with leaders around the world, there’s been a great deal of enthusiasm once they realize that President Trump when he said America First, he didn't mean America alone. He just simply meant that he wanted to get back to win-win relationships. And to see the magnitude of trade deficits that we have with many countries around the world, I can tell you every bilateral meeting we've ever had with a country that we enjoy a trade deficit with, it’s one of the first things the President talks about because he thinks trade relationships ought to -- in a very real sense -- be defined by it being a win for both parties. And so I think that there has been great enthusiasm among countries, and I think you're going to see this administration work very vigorously to expand access to world markets to improve existing trade relationships that we have. But it’s all with a focus on making sure that American workers and American businesses are winning every bit as much as companies and individuals in other countries. Q But when the other 11 countries that were in the Trans-Pacific Partnership hang together as they did this week and say, we're moving on, is that a train leaving with us left behind? THE VICE PRESIDENT: Well, we don't think so. This is the most powerful economy in the history of the world. We're in the midst of renegotiating the North American Free Trade Agreement. We truly believe -- the President is very passionate about this, Jerry -- that the United States of America has not pressed our interests on behalf of American workers and American businesses enough in recent years. I’ve heard it many times in private, but the President said it very much in public this week when he was in China. He said, I don't blame China for a bad trade deal. He blamed the policymakers in the United States who have allowed that kind of relationship to evolve. So I think the honesty of that kind of dialogue and the strength of the American economy puts us in a position to move toward what the President envisions, which I think is bilateral win-win trade relationships that will be good for both the countries in the deal. Q Let me turn to your sales pitch on the tax bill, tax reform. And note what we did a national poll in September in which only 16 percent of the people that we surveyed said they favored cutting corporate taxes, and 37 percent said businesses were paying less than their fair share of taxes. Which would suggest you got a ways to go yet to make the sale about a combination of a corporate tax cut and an individual tax cut. Can you do that? THE VICE PRESIDENT: Well, I think we can. I have to tell you as I travel around the country, people know the time has come to cut taxes and to reform our tax code. I participated by telephone today in a roundtable in Trenton, New Jersey. I’ve traveled around the country meeting with businesses large and small, and people get it. They understand, as I tried to articulate today, as you all know in your businesses what a barrier our tax code has been to growth and to jobs. But make no mistake about it, we need business leaders in this country to go tell that story, too. We need you to go down to the cafeteria at your company and hold a town hall of your own and tell people about the impact that lowering business taxes is going to have on the ability for your company to grow, to create more jobs, and particularly as Dr. Hassett has pointed out, we really believe that there is a direct relationship between lower business taxes and higher wages for working Americans. And so communicating that message, which I think we have had much success in doing, is going to be key to moving this forward. Q And are you going to have 52 Senate votes going forward? Or is this problem in Alabama going to cost you one of those before you get to the end of this road? THE VICE PRESIDENT: We believe we’ll have the votes. We believe that we're making steady progress in the United States Senate and in the House of Representatives, and that we’ll have the votes. But we're taking nothing for granted. And let me also say that regardless of the outcome in an upcoming special election, the American people in both political parties I believe know that we need tax relief. They know the time has come for tax cuts. They know that American businesses are operating under an uncompetitive tax code. And so we are very sincere about reaching out to men and women in both political parties. The President and I have sat down with Democrat members of the House, of the Senate. We continue to reach out in a constructive way. In this town that is so divided, and it seems like it’s more divided than it’s ever been, we truly believe that this is a real opportunity for the Congress to come together in unique ways and embrace the kind of tax relief that will put more money in the pockets of working Americans. It will simplify and lift the burden of the tax code and will unleash the boundless energy of American free enterprise to benefit American workers and the American economy for generations to come. So we’ll keep working it. And with your help and with God’s help, and with President Donald Trump in the White House, I think we're going to get it done. Q Let me take advantage of your presence here to ask about one subject that hasn’t come up yet, but that I think is in the backs at least of everybody’s mind, which is North Korea. The rhetoric can get a little confusing sometimes. We've heard talk of raining fire down on the North Koreans if they don't change their course, but we've also heard talk about the virtue of diplomacy and a willingness to meet with North Koreans, including the supreme leader of North Korea. Is there an opening here for diplomacy to solve the North Korean nuclear program or not? THE VICE PRESIDENT: President Trump sent me to the region earlier this year. And he made very clear on this trip what our policy is, and that is that first and foremost, the era of strategic patience is over. Strategic patience itself, Jerry, has been a historically failed policy. One administration after another in both political parties have entered into an agreement with North Korea, given them time. North Korea breaks their word, moves forward and continues to develop a nuclear ballistic missiles program. President Trump made it clear early in this administration, as he made clear on this trip, that's over; and that we're absolutely committed to resolving this issue. All options are on the table, and the President has made that clear. But we continue to hope and we continue to work to resolve this issue peaceably by brining economic and diplomatic pressure to bear on North Korea. And largely owing to the President’s energetic engagement with leaders in the region, including President Xi, we believe that we've isolated North Korea economically and diplomatically in ways that has never occurred before. China has taken action, Jerry, as you know that they've never taken before. But we believe they need to do more. Other countries in the region need to do more. But President Trump is absolutely committed to achieve what is the consensus objective of the world community, and that is that North Korea would abandon its nuclear and ballistic missile program. And that we would have nuclear-free Korean Peninsula. That is the goal. We’ll continue to drive all of our allies in the region to assist us in achieving that by peaceable means. But that strategic patience and that waiting game is over, and the President’s message, I think, this week was very consistent. Q That is the goal. Some people wonder whether denuclearization is a realistic goal at this point. And it raises the question of, why not simply, adopt a policy of containing and deterring the North Koreans? It worked with the Soviet Union for half a century and ultimately that regime fell, peaceably. Is that not a viable strategy? THE VICE PRESIDENT: Well, I think President Trump’s speech in South Korea was historic and meaningful. It was meaningful because he spoke as much about the people of North Korea as he spoke about the strategic issues that we face. I was deeply moved as the President talked about the differences -- even the nighttime vision from outer space -- to see one country in virtual darkness and another country lit by prosperity and freedom. But then to literally speak directly to the leader of North Korea from that podium and to communicate to them that it’s in the interest of their people and the interest of their future to abandon nuclear and ballistic missiles and to join the family of nations to me was -- I thought it was inspiring. And it continues to be talked about across the region, as such. So I really believe that in the interest of the people of North Korea and in the interest of the national security of the United States of America, President Trump is going to remain determined to achieve the objective that we would one day have a nuclear-free Korean Peninsula and allow for the peaceable progress of the people of North and South Korea to move forward into history. Q Mr. Vice President, let me ask you one final question. We, earlier today, canvassed this group and asked them for questions that I might pose to you. And there is one here that I did want to ask you, because I think it reflects some of the concerns that people have about the way things work in this town right now. This person said, “I voted for Trump 12 months ago. I would vote for him today. I believe our system needs to be shaken up a little, but it’s painful to watch at times. Being a sensible Midwesterner,” -- that’s you -- “how do you put up with all the chaos and the periodic silliness?” (Laughter.) THE VICE PRESIDENT: I couldn’t be more proud to be Vice President for President Donald Trump. Now, I want to stipulate, I’m very fond of him -- we’ve become very good friends. But I have to tell you, having spent 12 years in Washington, D.C., having spent four years as a governor, having seen the way this city was calcified, having seen the capacity of this city to always change the subject when something comes up that actually could benefit the American people and the American economy. Right? This is a city that always comes up with something else to talk about when we get to tax cuts. It’s the reason why it never happens, but every generation or so. And I really do believe that the American people in their wisdom elected the right man at the right time to be President of the United States. He’s got broad shoulders. He’s got high energy. I expect there’s probably not a man or woman in this room sitting in a CEO suite whose team doesn’t have the same feeling about you all from time to time. Am I right? The one thing -- I’ll tell you a story about -- can I just tell you one anecdote before I go? Q Absolutely. THE VICE PRESIDENT: So when we got the call about being considered for this job, I’d only met the President twice. It was just a handshake once in New York. And then once at Mar-a-Lago, he came out and said hello when we were having dinner there. So when it came time for us to considered for this job, we said we were honored but we never expected that we would be asked. But if we were ever to be asked, I said, there’s two things I want to know before I would be able to answer that question. I was governor of Indiana and I loved my job. I knew I could make a real difference where I was. But I said, two things I’d need to know: Number one -- and the bosses in the room will like this -- I said, number one, I’d like to know the job description. Because there’s only one person that writes it and it’s written every four to eight year. Right? And the second thing I said is, we need to know them as a family, to know who they are because we really -- we don’t know them. And I said, to know the Pences is to know a family. And I immediately, Jerry, said, now I know none of that’s possible. This was late June. I said, we wouldn’t be able to spend the kind of time together that we could get to know each other. It was two days later, I got a call back that said, not only did the candidate like your response, but he wanted to invite you to spend Fourth of July weekend at Bedminster with him and bring your whole family. And his family is going to be there. So we made our way out there. We arrived on a Friday night -- now this is this the anecdote I wanted to share. So we went to the clubhouse -- little table we were sitting over in a corner. My wife and my daughter were with me. And Dave has been running Bedminster since the President bought it a number of years ago and turned it into a beautiful resort. And he walked over to the table and he said to me, I just wanted to check and make sure everything is okay and you guys have what you need. I said, it’s wonderful, we’re very humbled to be here. I said, don’t worry about us, we’re not on the schedule until tomorrow morning. And Dave looked at me and he said, well you know how he is. And I said, I have no idea whatsoever. (Laughter.) I said, that’s really why I’m here. And he looked at me and he said with a warm smile, he said, well he’s just going to want sure everything is right. He said, he’s called a couple times from the car just to make sure everything is squared away. Now, there were two things in that moment that I’ve seen every single day serving shoulder-to-shoulder with President Donald Trump. Number one is he has high standards. He does -- things have to be right. I mean to tell you, I’ve spoken to the President every day during this trip with few exceptions, and every day he’s talked to me about tax cuts. He’s totally focused on -- he’s on the international stage 13 days, but he’s totally focused on moving an agenda forward for the American people. And he wants to get it done and he wants to get it done right. And that kind of focus is what makes for successful CEOs like the men and women in this room. But the other thing I saw was another quality of leadership. Because when Dave said to me, he’s going to want to make sure things are right, he said it with a smile. I expect -- maybe with a few exceptions in this room -- the CEOs understand there’s two great qualities of leaders. Number one, you’ve got to have vision, you’ve got to have standards. Number two, you got to be able to inspire people to want to work for you. Right? And that’s the kind of leader President Trump is. Each and every day -- I have to tell you, -- I see that energy, I see that vision, I see that determination, and I just know with confidence in my heart that he’s the right man at the right time to lead this country back. And as we always say, I’m absolutely confident that seven years from now, we’ll look back and say, it was President Donald Trump who led a tremendous renewal of the American spirit. We made America safe again. We made America prosperous again. And to borrow a phrase, we’ll be able to say we made America great again. I really believe it. Q Mr. Vice President, thank you for sharing with us. You were kind to do it. We meet every year about this time, in this room. So you can come back anytime you want. We appreciated it very much. THE VICE PRESIDENT: Thank you all very much. It’s an honor. (Applause.) END 5:33 P.M. EST
Пентагону не удастся доказать легитимность вмешательства США в конфликт в Сирии, считает военный эксперт.
The president’s marathon trip left many unsure about America’s staying power and fed a growing sense that China drives the region’s agenda.
Завершившийся саммит АТЭС и продолжительное азиатское турне Дональда Трампа показали новый расклад сил, сложившийся в регионе. Американский президент отказался от воинственной риторики в адрес Китая и заключил с ним многомиллиардные контракты. В то же время он провел и масштабные сделки по продаже оружия своим союзникам – Японии и Южной Корее. КНР налаживает отношения с соседями, а Япония пытается реанимировать проект Транс-Тихоокеанского торгового партнёрства (ТТП). И в складывающемся новом региональном порядке пока нельзя говорить о каких-то прорывах российской дипломатии.
President Donald Trump tweeted early Tuesday morning that his five-nation Asia tour has sent a message to the world that U.S. now operates by different rules on trade policy.“After my tour of Asia, all Countries dealing with us on TRADE know that the rules have changed,” the president wrote on Twitter, adding that he just arrived at one of his final stops before heading back to Washington. “The United States has to be treated fairly and in a reciprocal fashion. The massive TRADE deficits must go down quickly!”Trump was tweeting from the Philippines, his fifth stop after Japan, South Korea, China, and Vietnam. He was headed back to the United States later Tuesday.He followed that tweet with another trade-themed one: "Just arrived at #ASEAN50 in the Philippines for my final stop with World Leaders. Will lead to FAIR TRADE DEALS, unlike the horror shows from past Administrations. Will then be leaving for D.C. Made many good friends!"Trump promised reporters Sunday that he would be making a big announcement about trade at the White House on Wednesday. Thus far, his biggest trade move was following through on his campaign promise and removing the United States from the Trans-Pacific Partnership, a trade agreement negotiated during President Barack Obama's tenure.Trump also welcomed the return of Sen. Rand Paul (R-Ky.) to the Senate. Paul had been away from Washington as he recovered from an assault allegedly by his neighbor, which broke six of his ribs. Paul is viewed as a key vote on tax reform, which Trump is expected to focus on even more when he returns home."Great to see @RandPaul looking well and back on the Senate floor," Trump tweeted. "He will help us with TAX CUTS and REFORM!"
Scott B. MacDonald Economics, Asia The Trans-Pacific Partnership is back on the menu for a number of Asia-Pacific countries. And with America on the sidelines, U.S. exports could suffer. One of the first actions that Donald Trump did when he came into office was to pull the United States out of the Trans-Pacific Partnership (TPP), a trade deal he called a “disaster.” According to him, past U.S. leaders were inept on trade and his administration’s approach would strike tougher, more equitable deals that would return jobs to the United States and reduce the country’s trade deficit. Despite the withdrawal from TPP the deal still lives, indicating that other countries have an appetite for large, multilateral deals. Significantly, the eleven remaining TPP members have reached an agreement on the trade pact in principle, which means a new pact—without the United States—could be put into place which could shape trade in the Asia-Pacific area for the next decade. The TPP began in 2010 with eight nations, with the United States being a main driving force in pushing a deal along with an eye to containing rising Chinese power. The other nations included Australia, Brunei, Chile, New Zealand, Peru, Singapore, Vietnam and were later joined by Japan, Malaysia, Canada and Mexico. In the aftermath of the U.S. withdrawal, the remaining eleven countries went back to negotiations with a view to keeping the agreement for a trade zone in the Asia Pacific region alive. At the same time, the remaining countries have been clear that they would prefer to see the U.S. back in the deal. Even without the United States the combination of the eleven states accounts for about a sixth of world trade, which is not an insignificant number. An important force in keeping the TPP was Japan. With the United States less inclined to back multilateral arrangements and less engaged in old alliances (at least that is the perception held in many foreign capitals), Japan opted to take a regional leadership position to revive the TPP. For Japan, the TPP gave it an instrument to create a trade bloc that could counter China's growing influence (despite talk about Beijing joining) as well as help Japanese prime minister Shinzo Abe to implement some of the structural reforms regarded as critical for his country to achieve higher growth rates. Read full article
Но мероприятие, которое должно было формально закрепило возможность создания Транстихоокеанского партнерства в составе 11 экономик, не состоялось
Despite US withdrawal, the remaining 11 nations agreed to retain much of the original text
Подводя итоги поездке президента США Дональда Трампа на саммит АТЭС в Дананге, газета «Вашингтон пост» задаётся вопросом: «Америка прежде всего или Америка в одиночестве?» Такой вопрос, действительно, назрел. Cразу после вступления в должность Трамп подписал меморандум о выходе США из Тихоокеанского соглашения о партнёрстве (Trans-Pacific Partnership – ТPP) между 12 государствами, которое более десяти лет согласовывалось его...