President-Elect Donald Trump pledges foreign trade changes - FOX 8, WVUE, fox8live.com, weather, app, news, saints

President-Elect Donald Trump pledges foreign trade changes

FOX 8 Photo/FILE FOX 8 Photo/FILE
NEW ORLEANS, LA (WVUE) -

In his first 100 days in office, President-Elect Donald Trump is promising to take action concerning foreign trade.

Some, though, worry about what exactly that will mean for the U.S. economy.

“We’ve got the Trans-Pacific Partnership agreement that’s already been negotiated by Obama. That has not yet had a vote on Capitol Hill. With this election, I doubt that the TPP will see a vote,” International trade attorney Eddy Hays said.

The Trans-Pacific Partnership involves 12 countries and aims to deepen economic ties between the nations, slashing tariffs and fostering trade. Opponents, though, see the deal as harming the U.S. economy. Trump says he plans to withdraw from the TPP.

“There are some people who think, well maybe there’s some room to negotiate some of those terms. That would depend on our trading partners because it’s already been voted on and implemented in some of those countries, so that would be a hard thing to do,” Hays said.

Hayes said he believes overall, Trump’s philosophy is to try to renegotiate how the U.S. trades with other countries. If the TPP was to pass, Managing Director of Morgan Stanley Jim Spiro said the Port of New Orleans would be affected.

“Particular commodities like grain, meats and so forth, a lot of people will benefit, and I think New Orleans would get more than its’ share of benefits,” Spiro said.

When it comes to trade with China, Trump said he’ll direct the Secretary of Treasury to label China as a currency manipulator.

“It allows the U.S. the opportunity to provide tariffs against China on any number of goods. That’s an area where some of the U.S. consumers and stuff might feel some pain because you’ll see prices rise,” Hays said.

China is also part of NAFTA, a trade agreement that also includes Mexico and the U.S. Trump has said he’d like to renegotiate that deal as well, possibly imposing tariffs on Mexico and China.

“I don’t think we can set up the U.S. as a gated community. We can’t have fortress America. It’s a global economy. We do need to be competitive,” says Spiro.

“I think with the election, of course, there was a lot of rhetoric about throwing these deals out. I think we will see that tampered down a bit, and with luck, he’ll see that there are experts out there who can take a gradual approach to make sure that trade works for everyone,” says Hays.

Trump promised during his campaign that on his first day in office, he would notify Canada and Mexico that NAFTA is officially up for renegotiation.

Copyright 2016 WVUE. All rights reserved.

Powered by Frankly