Trump pulls America out of TPP trade deal
President Donald Trump has signed an executive order to withdraw the US from the 12-nation Trans-Pacific Partnership (TPP) trade deal. "Great thing for the American worker what we just did," said Trump. The TPP was a linchpin for Trump's predecessor, President Barack Obama's Asia policy.
Japan's Abe says TPP deal "meaningless" without the US
Prime Minister Shinzo Abe said the 12-nation Trans-Pacific Partnership "would be meaningless without the United States." His statement comes as Donald Trump said he would withdraw from the free trade deal on his first day in office. Abe said there was no discussion among other TPP members during the APEC summit to go ahead with the deal without America.
What is the TPP
The TPP was negotiated by 12 nations which constitute 40% of the global economy. These include the US, Japan, Malaysia, Australia, Canada and Mexico. The deal would reduce tariffs and was modelled to possibly create a new single market, much like the European Union. Experts believe it was mean to box in China, which wasn't party to the agreement.
TPP was seen as remarkable achievement
The TPP included measures for environmental protection, workers' rights and regulatory coherence. It also accorded special protections that some nations have for certain industries. The TPP was considered a remarkable achievement due to the different approaches and standards within member countries.
Trump's stance on TPP
During the election campaign, Trump had criticized the trade deal, calling it a "potential disaster for our country", arguing it had harmed US manufacturing. He had promised to withdraw from the TPP on his first day of entering the White House. His stance drew support from both the left and right political circles, including rival Democratic Senator Bernie Sanders.
What US' withdrawal means for the TPP
America's participation was the major linchpin for the deal's effectiveness. Its withdrawal marks a huge blow to the remaining countries. The other countries could move forward with a scaled down version of the TPP.
Trump hasn't kept several of his "day-1" promises
During the election campaign, Trump had promised to do the following on the first day of his becoming president: Begin construction of a wall along US-Mexico border and Branding China a currency manipulator. The elimination of gun-free zones in schools and on military bases. Terminate each of President Obama's "unconstitutional executive order." "Immediately" suspend the admission of Syrian refugees into America.