US walks out of TPP, one of its biggest trade deals after Donald Trump signs order

By: |
New Delhi | Updated: January 24, 2017 4:40:27 AM

Trump called the TPP order a "great thing for the American worker."

trump trans pacific trade deal, trade deal trans pacific, trump quashes us withdrawqal in trans pacific trade dealTrump called the TPP order a “great thing for the American worker.” (Reuters)

Following his election vow, newly-appointed US President Donald Trump on Monday signed an executive order formally withdrawing United States of America from the 12-nation Trans-Pacific Partnership trade deal. In an Oval Office ceremony, Trump also signed an order imposing a federal hiring freeze and a directive banning US non-governmental organisations receive federal funding from providing abortions abroad. Trump called the TPP order a “great thing for the American worker.”

Embarking on his first full week in office, the 45th US president began rolling out his policy agenda after a tumultuous first weekend for his administration by signing a series of executive orders.  Among the first was a memo on withdrawing from the vast TPP trade pact, which aimed to set trade rules for the 21st century and bind US allies against growing Chinese economic clout.
“We’ve been talking about this for a long time,” Trump said as he signed the executive order in the Oval Office.
“Great thing for the American worker what we just did.”

Promoted by Washington and signed by 12 countries in 2015, the TPP had yet to go into effect and US withdrawal is likely to sound its death knell.

Its signatories — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Brunei — together represent 40 per cent of the world economy.

The real estate mogul’s White House bid was fuelled in part by a pledge to overturn trade deals — such as TPP and the North American Free Trade Agreement — that he says have drained US jobs and destroyed its industrial heartlands.

Trump also signed two other orders, on freezing the hiring of federal workers and hitting foreign NGOs that help with abortion.
The Republican leader is looking to shift attention firmly back onto his policy agenda after a first few days that put his incoming administration on the back foot.

With inputs from AFP 

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.