The Obama administration has warned US jobs are at risk if a China-led rival trade pact is enacted instead of the TPP. Photo: ODT filesThe Obama administration issued a fresh warning on Thursday about the dangers of Congress failing to pass its Asian trade deal, saying that millions of US jobs could be at risk if a rival China-led trade pact is enacted. In a new study, the White House Council of Economic Advisers estimated that China's Regional Comprehensive Economic Partnership (RECAP) trade deal would likely lower Japanese tariffs on Chinese goods by five to 10 percentage points. The White House study seeks to quantify the argument by examining the effect of likely RCEP tariff cuts by Japan. This would displace US goods and be worse than simply maintaining the trade status quo, Furman said.

Source: Otago Daily Times November 03, 2016 22:55 UTC