Eleven other Pacific Rim countries signed a sweeping trade agreement last month that came together after the US pulled out.
His most hawkish trade advisers, who now dominate his cabinet after high-level departures, have expressed a strong preference for negotiating bilateral agreements, which they say play to U.S. advantages.
He told reporters that it "certainly would be good news all throughout farm country".
In his remarks on Thursday, Trump cited a speech by Chinese President Xi Jinping that the U.S. president interprets as a signal China is about to open its markets to more United States goods.
The White House meeting was aimed at appealing to the Midwest lawmakers at a time of high anxiety because of the China trade dispute.
"It is good news that today the president directed Larry Kudlow and Ambassador Lighthizer to negotiate United States entry into TPP", Senator Ben Sasse, a pro-trade Republican, said in a statement after the meeting between Trump and the senators.
President Trump is considering a re-entry into the Trans-Pacific Partnership, according to lawmakers at a White House meeting on trade today.
The EPA now bans the 15-percent blend, called E15, during the summer because of concerns that it contributes to smog on hot days.
In the meeting with farm state lawmakers, Trump also suggested the possibility of directing the Environmental Protection Agency to allow year-round sales of renewable fuel with blends of 15 percent ethanol.
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Trump hasn't repeated that charge recently and Qatar has since taken steps to address USA concerns. Qatar denies the allegations and says the moves attempt to undermine its sovereignty.
The oil and natural gas industries have pressed Trump to waive some of the requirements in the federal Renewable Fuel Standard law that would ease gasoline and diesel refiners' volume mandates.
North Dakota Gov. Doug Burgum said Trump made some "pretty positive statements" about allowing the year-round use of E-15 ethanol, which could help corn growers. We need to be engaged. The reversal comes after Trump made the United States' exit from the trade pact one of the first items on his to-do list after taking office. We do not want another subsidy program. The Asian nation said listed USA soybeans and pork among its prime targets for proposed retaliatory duties.
The administration last month announced new tariffs on imported steel and aluminum, an effort meant to hit Chinese steel.
USA negotiating partners might expect the United States to "pay for" restoring those provisions at this point, Cutler said.
Kennedy is appearing before the House Ways and Means Committee, which is examining the impact of tariffs.
In his remarks on Thursday, Trump cited a speech by Chinese President Xi Jinping that the he interpreted as a signal China is about to open its markets to more USA goods.
Trump contended that "China has consistently treated the American farmer very poorly", noting that Beijing had until last year blocked US beef sales for 14 years.
"Withdrawing the threat of tariffs without achieving results would be tantamount to waiving the white flag of trade surrender", said Scott Paul, president of the Alliance for American Manufacturing.
Politicians, including some from his own party, are anxious that he is leading the United States into a damaging economic battle with China, after levying tariffs on steel and aluminium and threatening taxes on billions more in Chinese goods.