Business People Meeting Growth Success Target Economic ConceptDonald Trump won the U.S. presidential election against former Secretary of State Hillary Clinton on 8 November in what many are describing as an upset.  President-Elect Trump’s transition team is now tasked with vetting possible Cabinet officials and lower-level appointees, receiving background briefings from the Obama Administration, and crafting policy proposals based on his campaign promises.  President-Elect Trump will be sworn-in as the 45th President of the United States on 20 January.

TPP – No-Go.  President-Elect Trump remains opposed to the TPP agreement in its current form, and lawmakers on both sides of the aisle continue to express concerns with certain issues in the final deal that reportedly have not yet been addressed by the Obama Administration.  Ongoing concerns with the TPP deal include longer intellectual property protections for biologic drugs and concerns with the tobacco industry’s carve-out from the deal’s investor-state dispute resolution mechanism. Shortly after the elections, Republican Congressional leaders in both chambers issued statements indicating the deal will not be brought up for a vote before the end of 2016 and must be revisited after President-Elect Trump takes office. According to a draft 100-day plan leaked by Politico, Trump advisors are proposing the U.S. withdraw from the deal soon after Trump takes office – however, other TPP countries are likely to keep advocating for the deal with the next Administration.

TTIP – On Hold.  With the uncertainty surrounding President-Elect Trump’s trade priorities, European Union Trade Commissioner Cecilia Malmström said of the Transatlantic Trade and Investment Partnership (TTIP) negotiations on 11 November:

For quite some time TTIP will be in the freezer. What happens when it’s defrosted, I think we’ll have to wait and see.”

The EU and United States are not expecting to schedule any more formal negotiating rounds this year.

JCCT Meeting Ahead.  U.S. Secretary of Commerce Penny Pritzker and U.S. Trade Representative Michael Froman will host the 27th session of the U.S.-China Joint Commission on Commerce and Trade (JCCT) next week in Washington.  Vice Premier of the State Council Wang Yang will lead the Chinese delegation.  U.S. Secretary of Agriculture Tom Vilsack is also expected to join the JCCT meeting to address bilateral agricultural trade issues.  President-Elect Trump made it clear during the campaign that China’s perceived unfair trade practices will be addressed in his Administration, including labeling the country as a currency manipulator.

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