"It is good news that today the president directed [National Economic Council Director] Larry Kudlow and Ambassador Lighthizer to negotiate US entry into TPP".
Trump on Thursday met with lawmakers and some governors at the White House to "discuss issues impacting the agricultural community including trade", a White House.
The move would be a reversal for Mr. Trump, who signed an executive order in January 2017 shortly after taking office to signify the USA exit from the 12-country Asia Pacific free trade deal.
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.
It's unclear how willing the other 11 countries would be to reopen the agreement and make concessions to lure the United States back, though its economic power would likely be an appeal. Ben Sasse (R-Neb.) told Politico.
Trump pulled the US out of the TPP early a year ago.
When the president previous year announced he was quitting the deal, the other TPP countries suspended 20 provisions in the original accord and announced a new deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Donald Trump has deputized economic adviser Larry Kudlow and US Trade Representative Robert Lighthizer to explore re-entering the Trans-Pacific Partnership (TPP). He added, though, that it would be hard to renegotiate only parts of the TPP, describing the agreement as delicate. The reversal comes after Trump made the United States' exit from the trade pact one of the first items on his to-do list after taking office. One Democrat, Ohio Senator Sherrod Brown, said he was "very open to a new TPP" as long as it had strong labor rights protections and currency provisions. Kudlow said last week the USA may soon release a list of products that would be subject to the new tariffs Trump has threatened to slap on $100 billion in Chinese goods.
The move, which would signal a significant policy change for Trump, was meant to assuage numerous president's critics who stand to be hurt by the trade dispute with China, including many farm states that supported his election. There was a conflation that went on where it was said this is a trade deal with China. "We need to be deeply engaged there, and I'm confident this administration will do that". Mr Trump's Democratic rival in the 2016 election, Hillary Clinton, also came out against the agreement during the campaign.
US negotiating partners might expect the United States to "pay for" restoring those provisions at this point, Cutler said. Exports would increase, but imports would increase more. Gasoline typically contains 10 percent ethanol.
North Dakota Gov. Doug Burgum said Trump made some "pretty positive statements" about allowing the year-round use of E-15 ethanol, which could help corn growers.
An array of business executives are expressing alarm to federal lawmakers Thursday about the impact that tariffs will have on their business.
"Withdrawing the threat of tariffs without achieving results would be tantamount to waiving the white flag of trade surrender", said Scott Paul, president of the Alliance for American Manufacturing.