Trump dumping Trans-Pacific Partnership

Source: ZD Net

The Trans-Pacific Partnership (TPP) is dead in the water after the administration of new United States President Donald Trump announced the country’s withdrawal from the trade agreement following his inauguration on Friday.

In a formal statement issued over the weekend, the White House said the president has decided to base its foreign policy on an “America first” attitude that involves returning “millions of jobs to America’s shores” by backing out of multilateral trade agreements such as the TPP.  

“The president understands how critical it is to put American workers and businesses first when it comes to trade. With tough and fair agreements, international trade can be used to grow our economy … this strategy starts by withdrawing from the Trans-Pacific Partnership and making certain that any new trade deals are in the interests of American workers,” the statement said.

“In addition to rejecting and reworking failed trade deals, the United States will crack down on those nations that violate trade agreements and harm American workers in the process … By fighting for fair but tough trade deals, we can bring jobs back to America’s shores, increase wages, and support US manufacturing.”

The statement added that Trump also intends to renegotiate the North American Free Trade Agreement (NAFTA), and will withdraw from the trilateral agreement if Canada and Mexico refuse to negotiate on terms that give “American workers a fair deal”.

The official White House statement followed White House Press Secretary Sean Spicer’s speech confirming that one of Trump’s first Executive Orders would be to dump the TPP.

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