Trump Signs Executive Order Withdrawing US From Trans-Pacific Partnership Deal
MEP: US President Donald Trump with a stroke of a pen has signed an executive order formally withdrawing the country from the Trans-Pacific Partnership (TPP) trade deal, without Washington’s participation, the TPP would have to be renegotiated or scrapped altogether.
The 12-nation trade deal was a linchpin of former President Barack Obama’s Asia policy.
Trump called the TPP order a ‘‘great thing for the American worker.’‘
In an Oval Office ceremony, Trump also signed another order imposing a federal hiring freeze and a directive to cut funding to US non-governmental organisations that provide abortions abroad.
It’s now clear that the election of Donald Trump will dramatically alter the shape of the world’s economy for the foreseeable future. But based on his executive action to withdraw from the negotiating process of the (TPP), this reshaping will not be for the benefit of US workers and citizens.
Rather, the bulk of American workers, consumers and businesses likely will be hurt by the unfolding of US trade policies under President Trump.
The largest global trade agreement in 20 years, the TPP would have included the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It was championed by former President Barack Obama as a way to open Asian markets for American goods and create a trade bloc to counter China.
Trump said he would prefer bilateral trade deals with individual TPP countries instead. Monday’s executive order signaled the new administration’s determination to address its priorities quickly.
The executive order that ENDED the TPP! pic.twitter.com/4V66ZPeZ5V
— veritastips@protonmail.com🇺🇸 (@EricSpracklen) January 23, 2017
Trump, who took office on January 20, called it a “potential disaster” during his campaign. His opposition to the deal, as well as his campaign demands for US allies to pay more for their security, has raised concern in Japan and elsewhere in the Asia-Pacific region.
Trump concerns in Asia-Pacific
On Monday, Trump also met a dozen manufacturers in the US at the White House, pledging to slash regulations and cut corporate taxes, but warning them he would take action on trade deals he felt were unfair.
The new president has promised to bring manufacturing plants back to the US, an issue he said helped him win the November 8 election.
He has not hesitated to call out by name companies that he thinks should bring outsourced production back home.
On Saturday several million Americans poured onto the streets for women-led demonstrations against Trump, the scale of which were unseen in a generation, in a potent rebuke to the president.
Trump has upbraided top aides over unfavorable media coverage on everything from crowd sizes to suggestions he has ruled out releasing his taxes. He is the first presidential candidate in recent memory not to do so.
