Germany’s Merkel ‘not happy’ Pacific trade pact in danger

German Chancellor Angela Merkel said Wednesday she’s not happy about the possible demise of the Trans-Pacific Partnership trade agreement, which President-elect Donald Trump wants to pull the U.S. out of. She argued that alternative pacts will be a poor substitute. Merkel didn’t mention Trump directly in a speech to the German Parliament in which she called for nations to take a multilateral approach to solving global problems, but made plain her unease at his approach to major trade pacts. “I will tell you honestly: I am not happy that the trans-Pacific agreement now will probably not become reality,” she said. “I don’t know who will benefit from that. I want to hold back with forecasts,” she added. “I know only one thing: there will be other trade agreements, and they won’t have the standards that this agreement and the hoped-for TTIP agreement have. This has to do with jobs under globalization with fair competitive conditions, with shaping globalization in a humane way. ” Trump has described the 12-nation Trans-Pacific Partnership, or TPP, as a “potential disaster for our country.” He has also said he wants to renegotiate the North American Free Trade Agreement with Canada and Mexico. The TPP’s possible demise could give a boost to alternative initiatives including one promoted by China in which the United States is not taking part.