Lawmakers say President Trump will look into trade talks

Japan minister: Good to have US back in TPP but path of return tough (VIDEO)

But at a time of increasing tensions over trade between the USA and China, revising a deal he once argued was "pushed by special interests who want to rape our country" could offer the USA greater leverage in negotiations with Beijing. Ben Sasse of Nebraska said Thursday after meeting with Trump at the White House. He said at the time that he would pursue individual deals with the other countries.

The move runs counter to Trump's repeatedly expressed belief that he prefers "bilateral" trade agreements - between the United States and one other country - to wide-ranging pacts like TPP and the North American Free Trade Agreement (Nafta), which he has also said should be rewritten or scrapped.

Lawmakers later Thursday are scheduled to meet with President Donald Trump to talk about trade. Midwest farmers fear becoming caught up in a trade war as Beijing threatens to impose tariffs on soybeans and other USA crops, a big blow to Midwestern farmers, many of whom are strong Trump supporters.

Trump signaled a possible reconsideration of the TPP back in January if its terms were more favorable. The other countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It would be aimed at opening USA farmers to more overseas markets.

Trump was discussing the Chinese threat to slap tariffs on soybeans and other crops grown in rural America.

"I have to believe President Xi is smiling all the way to regional domination as a result of our pulling out of TPP". "We are going to put a lot of people back to work".

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In his remarks on Thursday, Trump cited a speech by Chinese President Xi Jinping that the US president interprets as a signal China is about to open its markets to more USA goods.

Trump's decision to consider a return to the trade deal comes as the United States and China trade escalating tariffs on products such as Chinese steel and electronics, and USA aluminum and food products. Exports would increase, but imports would increase more. Chuck Grassley and Joni Ernst were among those attending the meeting with Trump.

During the exchange, Trump suggested the possibility of directing the Environmental Protection Agency to allow year-round sales of renewable fuel with blends of 15 per cent ethanol.

The EPA now bans the 15-percent blend, called E15, during the summer because of concerns that it contributes to smog on hot days. Still, there were some supporters, too.

The New York Times reported the reversal would be a big boon to some industries, presumably including Iowa ag operations and manufacturing, and to GOP lawmakers who had supported TPP.

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