Washington, DC – U.S. President-elect Donald Trump has said the US will quit the Trans-Pacific Partnership trade deal on his first day in the White House.
The president-elect made the announcement in a video message outlining what he intends to do first when he takes office on January 20, 2017.
The TPP trade deal was signed by 12 countries which together cover 40% of the world’s economy.
President-elect Trump during the campaign urged voters to give him a second look and that he would eliminate most of the trade deals sign under past administration.
The Republican also pledged to reduce “job-killing restrictions” on coal production and stop visa abuses.
The TPP was signed in 2015 by numerous countries including Japan, Malaysia, Australia, New Zealand, Canada and Mexico, and was pending ratification.
Its aim was to deepen economic ties and boost growth but its opponents, including President-elect Trump maintained that it was negotiated in secret and it favors big corporations.
In addition, many people expected the president-elect to talk about the popular healthcare law by-passed. But there was no mention of repealing Obamacare or building a wall on the southern border with Mexico.
These latest actions show that President-elect Trump is a serious guy. He made his promises and has started finding ways to seal through.
The Trans-Pacific Partnership (TPP) or Trans Pacific Partnership Agreement (TPPA) is a trade agreement among twelve of the Pacific Rim countries—notably not including China.
The finalized proposal was signed on 4 February 2016 in Auckland, New Zealand, concluding seven years of negotiations. It is currently awaiting ratification to enter force.
The 30 chapters of the agreement aim to “promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in the signatories’ countries; and promote transparency, good governance, and enhanced labor and environmental protections.”
The TPP contains measures to lower both non-tariff and tariff barriers to trade, and establish an investor-state dispute settlement mechanism.