"On November 11, 2017, the 11 remaining signatories of the Trans-Pacific Partnership (TPP) agreement, excluding the United States, announced the outlines of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with a final deal reportedly possible in 2018. The CPTPP would be a vehicle to enact much of the TPP, signed by these countries and the United States in February 2016. TPP has been stalled since President Trump withdrew from the pact in January 2017. The withdrawal was the first action under the President's new trade policy approach, which includes a stated preference for bilateral free trade agreement (FTA) negotiations over multiparty agreements like TPP, a critical view of many existing U.S. FTAs, and a prominent focus on bilateral U.S. trade deficits as an indicator of the health of trade relationships. The Trump Administration is now also engaged in a renegotiation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico, two TPP signatories and CPTPP participants; it is also seeking potential amendments to the U.S.-South Korea FTA (KORUS). While the United States is not involved in CPTPP, the agreement has the potential to affect the economic well-being of certain U.S. stakeholders, as well as U.S. leadership on international trade issues and long-standing U.S. promotion of an open, rules-based trading system. It also may strengthen perceptions of U.S. disengagement in Asia, which many analysts say could impact the U.S. ability to pursue other goals in the region. Congress, which oversees and sets objectives for the Administration in trade negotiations and passes legislation to implement U.S. FTAs, could play an important role in U.S. trade policy responses to the CPTPP. The United States has existing FTAs with six of the CPTPP members with many provisions similar to those in the new agreement, including near complete tariff elimination. This suggests the most significant economic effects for the United States may relate to the CPTPP members without a U.S. FTA, notably Japan, Malaysia, and Vietnam. The new CPTPP would enter into force 60 days following the ratification of the agreement by 6 of its members."
CRS Insight, IN10822
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html