The chairman of the U.S. Export-Import Bank, Fred Hochberg, warns that China is ready to “pounce in” if the Trans-Pacific Partnership (TPP) trade agreement falls through.
“We can’t afford to sit on the sidelines and lose out, because the rest of the world is moving quickly,” Hochberg says. “Those 11 countries that are part of TPP—if we don’t do TPP, China is ready to engage with them.”
Hochberg made those comments in an interview with CNBC.
It is uncertain whether Congress will take up TPP in the lame duck session.
Source: brownfieldagnews.com