Donald Trump is again set to turn his back on the Trans-Pacific Partnership, with the President saying he "doesn't like the deal for the United States" just days after he appeared keen on rejoining the trade agreement.
President Trump pulled the US out of the now-11 country TPP shortly after his inauguration in early 2017.
However Trump indicated last week he might reopen talks on the trade agreement.
New Zealand Prime Minister Jacinda Ardern had warned America if they wanted back in the agreement would have to be renegotiated, as White House Economic Adviser Larry Kudlow claimed the United States was yet to be convinced of the merits of joining the TPP.
After a scheduled meeting with Japanese Prime Minister Shinzo Abe, Trump indicated he would not go back on his original decision.
In a tweet today he wrote: "While Japan and South Korea would like us to go back into TPP, I don't like the deal for the United States. Too many contingencies and no way to get out if it doesn't work. Bilateral deals are far more efficient, profitable and better for OUR workers. Look how bad WTO is to U.S."
Trade Minister Steven Ciobo said earlier that while Australia would welcome the US into a cross-Pacific international trade agreement, the 11 countries already involved wouldn't want to make wholesale changes to the deal.
President Trump, who has caused controversy with his recent protective trade measures, had ordered his top trade advisers to take a fresh look at the Trans-Pacific Partnership, having initially pulled out of negotiations because he wanted a better deal.
"I can't see us unpicking all the stitching that brought this deal together to accommodate the US at this point," Mr Ciobo told Sky News.
He said there are "pros and cons" with the US joining, particularly as Australian farmers will benefit when the TPP comes into operation and especially beef farmers' access into Japan.
"If the United States isn't a part of it then that is good for Australia ... because it means our Australian beef farmers are getting much market access than US beef farmers," the minister said.
One area Mr Ciobo would drew the line on the US entry was over its previous demand for pharmaceutical patent protections.
"Australia will not accept a situation where we would see an impact on our pharmaceutical benefits scheme or the pricing of drugs in Australia," he said.
"I have always been firm on that, the government is firm on that."
Trade 'tensions' threaten economic stability
The news came after the International Monetary Fund said it could foresee strong, stable growth in the world economy for 2018-19 but warned a souring political climate for trade could weaken one of the engines of global prosperity for years to come.
The Washington-based crisis lender has predicted global growth for both this year and 2019 at 3.9 per cent.
The update to the IMF's quarterly World Economic Outlook was unchanged from January.
The 2018-19 growth forecast is the fastest since a 5.1 per cent global rate in 2010, as the world briefly rebounded from the 2008 financial crisis.
"The world economy continues to show broad-based momentum," IMF chief economist Maurice Obstfeld said.
"Against that positive backdrop, the prospect of a similarly broad-based conflict over trade presents a jarring picture."
Since taking office in January 2017, President Trump has largely repudiated Washington's long-standing consensus in support of multilateral trade, withdrawing from the TPP and threatening the North American Free Trade Agreement while forcing renegotiations with Mexico and Canada.
His announcement of tariffs on imported steel and aluminium unnerved global markets before temporary waivers were issued to the European Union, Canada, Mexico and South Korea, but not China or Japan.
China has since announced a series of retaliatory measures, while Trump has continually demanded that Beijing act to reduce its trade surplus with the United States.
The "escalating tensions" over trade present a growing risk to the world economy, Obstfeld said.
"There's not going to be any winners coming out of a trade war," he said.
- Additional reporting from AP