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In order for the U.S.to re-enter, the countries may need to start negotiations from scratch, and it is unclear what, if any, conditions they would set in order for that to happen.

When President Trump ordered the USA withdrawal from TPP trade negotiations in January 2017, the deal was widely seen as catering to American interests, given that US negotiators helped shape the deal since 2008. Though, in January, he seemed to be more willing to abruptly reverse his stance on an agreement he once called a "rape of our country". Eswar Prasad, a trade expert at Cornell University, said it was hard to imagine that the United States would be "welcomed with open arms" by the current members or have much leverage in reshaping the deal.

"We've got a deal" already, said Steven Ciobo, Australia's trade minister, who added, "I can't see that all being thrown open to appease the United States".

Lawmakers on Capitol Hill have been renewing their pitches for the pact - rather than Trump's threats of steep tariffs on steel and other products - as a way to counter China on trade. Sen.

"I have to believe President Xi [Jinping] is smiling all the way to regional domination as a result of our pulling out of TPP".

Japan and New Zealand reacted cautiously Friday after U.S. President Donald Trump signaled he might reopen talks on a Pacific Rim trade deal that he pulled the U.S. out of shortly after taking office. With congressional elections later this year, he now faces pressure from some Republican lawmakers anxious that his protectionist policies could spiral into a trade war with China that would hit rural America. "The US position is much weaker now".

While it will take some time for an ultimate decision to come down from the White House on TPP, Priest said the renewed interest is a positive sign for the shoe industry. A trade war with China could be particularly devastating to rural economies, especially for pig farmers and soybean and corn growers.

But the way Trump is bragging about low unemployment and the high stock market, you might think he took the stock market from the 7,000 range to the low 20,000 range, at last count.

They last month finalized a revised version of the trade pact, renaming it the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Ben Sasse, R-Nebraska, and Sen.

Yesterday President Trump made major news after telling his National Economic Advisor Larry Kudlow to explore ways the United States could reenter the Trans-Pacific Partnership as a way to blunt China's economic ambitions.

Information for this article was contributed by Ken Thomas, Kevin Freking, Catherine Lucey, Jill Colvin, Paul Wiseman, Matthew Daly and James MacPherson of The Associated Press and by Erica Werner, Seung Min Kim and Damian Paletta of Bloomberg News.