President Trump Pulls out of Trans Pacific Partnership Deal
President Donald Trump is beginning his presidency by withdrawing from the Trans-Pacific Partnership deal. His executive order comes days after a rough first weekend, where he feuded with the press and faced massive protests in response to his election.
Former President Obama was a strong advocate for the trade deal, which was never ratified in the U.S. This is his first step in reshaping American trade policies. He’s is working on a plan to renegotiate NAFTA and is also considering from withdrawing from the trade agreement entirely.
President Trump is scheduled to meet with union leaders and workers and will also hold private meetings with business leaders. Trump will now work making trade deals with each of the countries in the trade partnership. Commerce Secretary Wilbur Ross will head up the new deals.
While on the campaign trail, Trump called the TPP a “potential disaster for our country” and instead supports bilateral trade deals. Withdrawing from it would unravel years of work and inject fresh uncertainty into global relations. Trump is also working to make major changes to the deal with Mexico and Canada.
“We will be starting negotiations having to do with NAFTA,” Trump said Sunday at a swearing-in ceremony for his top White House advisers. “We are going to start renegotiating on NAFTA, on immigration and on security at the border.”
Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto are meeting with President Trump very soon. Canada’s ambassador to the United States said it was clear the Trump team were concerned above all about trade deficits with Mexico and China.
Trump made the debate over free trade one of the central topics of his campaign after criticizing China, Mexico, and Japan. After Obama’s inauguration, the White House laid out its plans for trade on the White House website, saying they will tackle trade deals including NAFTA and the TPP.