America has officially backed out of the Trans-Pacific Partnership, but this change is not likely to affect Tasmanian farmers, economist Saul Eslake says.
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In his first full day of office, United States President Donald Trump has killed off the nation’s involvement in the trade deal, which includes Australia, New Zealand, and 10 other countries.
Prime Minister Malcolm Turnbull said on Tuesday that it could be possible for Australia to continue forward without the involvement of the US.
"There is also the opportunity for the TPP to proceed without the United States,” Mr Turnbull said.
"It is possible that US policy could change over time on this, as it has done on other trade deals.”
Mr Eslake said he was not surprised by the news coming out of the US.
“There wasn’t a lot for Australia in the TPP, largely because we already had free-trade agreements with most of the major countries that were participating in it,” he said.
“I don’t think the losses in terms of trade opportunities for Australia, or for Tasmania for that matter, as a result of the TPP not going ahead are all that strong.
“There was not a lot for Australian farmers, and Tasmanian farmers, in the TPP.”
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