Pushing hard to overcome the Congressional opposition to the passage of the ambitious Trans -Pacific Partnership (TPP) trade agreement during his tenure, the US President Barack Obama warned that China is trying hard to create its own trading regime in Asia.
"Right now, China is pushing hard to create their own trading regime out in Asia. And I promise you that China is not going to be setting up a bunch of rules that are going to be to the advantage of American companies and American businesses," Obama said.
"If we are not in there and making sure that fair trade is established in the Asia market we're going to be cut out," Obama told reporters at the White House during a bipartisan meeting with leaders on TPP.
"I know that the politics these days tends to look at trade as something that is negative. But if you talk to the farmers and the ranchers and the manufacturers and the service industries that are dependent on us selling American exports around the world, they will tell you we've got to get this done," he argued.
Obama said TPP is a high-standard trade agreement that makes other countries lower their tariff barriers so that there aren't taxes on US goods that are sold there, that gets other countries to raise their labour standards so they're not undercutting US workers.
"After a lot of negotiations, we've got what is the most progressive, effective trade deal that we've ever seen. And this bipartisan group made up of business leaders, mayors, governors, Republicans, Democrats, national security leaders and military leaders -- the reason they're here is because they know this is important for our economy and they know that this is important for our national security and our standing in the world," he said.
Speaking to White House reporters after the meeting, the Republican Governor from Ohio, John Kasich, argued that TPP is in the best interest of Americans and it is important for the economy of the country and its workers.
He said the two nations who are opposing TPP most vociferously were Russia and China.
The White House Press Secretary Josh Earnest said the Congress is the real stumbling block in the passage of the TPP by the US.
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