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11 TPP countries: A year after an abrupt U.S. withdrawal left a fledgling 12-nation Pacific trade pact for dead, the 11 remaining states will sign a revamped deal Thursday aimed at slashing tariffs.

The agreement — rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) — has been championed as an antidote to growing U.S. protectionism under President Donald Trump.

“We are not going to be derailed by Trump’s decision” to withdraw the U.S., said Felipe Lopeandia, Chile’s top trade negotiator, ahead of the ratification ceremony in Santiago.

After years of negotiations, the original deal — the Trans-Pacific Partnership, or TPP — was signed in February 2016 by 12 countries that border the Pacific Ocean.

But it fell victim to Trump’s “America First” policy, when he removed the pact’s major linchpin before the deal could get under way.

The CPTPP aims to slash tariffs between the 11 members and foster trade to boost growth.

It will “send a political signal to the world and to the United States itself, that this is a global agreement,” said Lopeandia.

Coming in the same week that Trump risked a trade war over his decision to introduce tariffs on imported steel and aluminum, the deal is seen by some members as striking a blow against protectionism. Read more

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11 TPP countries: A year after an abrupt U.S. withdrawal left a fledgling 12-nation Pacific trade pact for dead, the 11 remaining states will sign a revamped deal Thursday aimed at slashing tariffs.

The agreement — rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) — has been championed as an antidote to growing U.S. protectionism under President Donald Trump.

“We are not going to be derailed by Trump’s decision” to withdraw the U.S., said Felipe Lopeandia, Chile’s top trade negotiator, ahead of the ratification ceremony in Santiago.

After years of negotiations, the original deal — the Trans-Pacific Partnership, or TPP — was signed in February 2016 by 12 countries that border the Pacific Ocean.