President-elect Trump, on his first day in Office at the white house said that the US will quit the Trans-Pacific Partnershiptrade deal. He made the announcement in a video message while setting out his plans for the American nation on his first day in the white house.
What is the TPP?
The massive trade deal was agreed in 2015 by nations including the US, Japan,Malaysia, Australia, New Zealand, Canada and Mexico, but has not yet been ratified by the individual countries.Its aim was to deepen economic ties and boost growth, by reducing tariffs.There were also measures to enforce labour and environmental standards, copyrights, patents and other legal protections.The TPP trade deal was actually signed by 12 countries which together covers 40% of the world’s economy.
Why does Donald Trump dislike the TPP?
In June 2016 he described it as “another disaster done and pushed by special interests who want to rape our country, just a continuing rape of our country”. In another speech he referred to the TPP as “the greatest danger yet”.Announcing the plan to pull out of the TPP, he said that “the US would negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores”.
WHAT’S TRUMP’S PLANS AHEAD?
Besides quitting the TPP, he committed to several other executive actions that he said he would take on day one. Mr Trump said: “I will cancel job-killing restrictions on the production of American energy, including shale energyand clean coal, creating many millions of high-paying jobs.”That’s what we want – that’s what we’ve been waiting for.”