New Pacific trade agreement reached in Tokyo

The 11 members of a Pacific trade pact abandoned by US president Donald Trump have reached a deal on a revised agreement, with the nations expecting to sign a final deal by early March.

Canadian prime minister Justin Trudeau said on Tuesday negotiations had concluded on what is now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The deal was reached after two days of talks in Tokyo, and came just hours after Mr Trump imposed tariffs on imported solar panels and washing machines – his first major move to level what he says is a global playing field tilted against US companies.

“The agreement reached in Tokyo today is the right deal,” Mr Trudeau said at the World Economic Forum in Davos, Switzerland.

An agreement is a win for Japanese prime minister Shinzo Abe's government, which has been lobbying hard to save the pact, originally called the Trans-Pacific Partnership. Mr Abe has painted the deal as a spur to growth and reform in Japan and a symbol of commitment to free and multilateral trade. – Reuters/Bloomberg