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Trump Withdraws U.S. from Trans-Pacific Partnership
As expected, President Donald Trump signed an executive action on Monday that formally withdraws the U.S. from the Trans-Pacific Partnership.
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As expected, President Donald Trump signed an executive action on Monday that formally withdraws the U.S. from the Trans-Pacific Partnership. The deal agreed to in 2015 but never ratified by Congress, where support evaporated last autumn.
The TPP was intended to help balance China’s economic clout. The dozen participants, which represents 40% of the world’s economy, were to be Australia, Bruei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S.
U.S. big business favored the partnership, which was initially championed by the Obama administration. But opposition to the deal grew dramatically during last autumn’s presidential campaign.
Trump vowed last November to abandon the TPP, which he described as a "potential disaster" for the U.S., as soon as he took office. Rejecting the pact underscores Trump’s “America First” focus and his preference to renegotiate trade agreements one country at a time.
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