Twenty-five GOP senators Tuesday released a letter they sent to President Donald Trump, asking him to re-engage in talks to join the world’s largest trade agreements.
The letter, spearheaded by Montana’s GOP Sen. Steve Daines, requested the president reconsider his decision to pull the United States out of the Trans-Pacific Partnership — a move he made three days after he took office.
"As you know, increased economic engagement with the eleven nations currently in the TPP has the potential to substantially improve the competitiveness of U.S. businesses, support millions of U.S. jobs, increase U.S. exports, increase wages, fully unleash America's energy potential, and benefit consumers," the senators wrote.
"Increasing access to a region and market that has a population of nearly 500 million can create widespread benefits to the US economy."
The GOP lawmakers also argued the TPP could bolster America’s influence as a counterbalance to China.
"Further, TPP can serve as a way to strengthen ties with our allies in the region, counter the influence of the People's Republic of China (PRC), and increase pressure on the PRC to adopt substantive and positive economic reforms," they wrote.
The multilateral trade deal was designed help lower barriers to trade among 12 countries along the Pacific Rim, including Japan, Mexico, Canada, Australia, Singapore, and Malaysia, Business Insider noted.
But since the United States backed out, the remaining members have developed a new deal, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP.
Trump has suggested the United States could get back into the deal if more favorable terms were presented.
"I would do TPP if we were able to make a substantially better deal," Trump told CNBC at the World Economic Forum in Davos, Switzerland.
"The deal was terrible, the way it was structured was terrible. If we did a substantially better deal, I would be open to TPP."
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