Trump scraps Trans-Pacific Partnership dealBy Rebecca Rakowitz | 01/25/2017 11:00pm
Trump put his “America First” approach to work on Monday, formally abandoning the Trans-Pacific Partnership, a major policy initiative of the Obama Administration.
The TPP was an agreement between twelve countries bordering the Pacific Ocean. Written in February 2016, the deal aimed to make trade easier amongst those nations, deepen economic ties and foster growth.
The countries involved in the TPP are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and Japan. Japan is the only country to have already ratified the TPP.
Trump has criticized the deal since his early in his campaign. Union leaders at the White House on Monday greeted Trump’s news of TPP termination with applause.
“We’re going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country, and it’s going to be reversed,” Trump said. “I think you’re going to have a lot of companies come back to our country.”
The United States held a key role within the TPP. Without U.S. involvement, the current deal cannot proceed, though a smaller scale pact may be possible.