Sharechat Logo

Trump to withdraw from TPP on day-one of Presidency

Tuesday 22nd November 2016

Text too small?

United States President-elect Donald Trump will withdraw from the Trans-Pacific Partnership (TPP) on the first day of his presidency. 

In a video posted to Twitter, Trump said on day one he would "issue a notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country. Instead, we will negotiate fair bi-lateral trade deals that bring jobs and industry back onto American shores." 

Twelve countries including Canada, Mexico, Australia, Malaysia, Singapore, Brunei, Vietnam, Peru and Chile signed the agreement, which would reduce tariffs to try to boost trade in the region. The deal requires the United States to sign in order to come into force. The TPP excludes China, and was widely seen as an attempt by the United States to secure its leading role in the Asia-Pacific against an emerging China. 

The future of the TPP was the main topic at the APEC conference in Peru this weekend, with prime minister John Key saying as he left the summit that he was "“a little more confident that we can get President Trump to come back to the table and have a look at TPP” but New Zealand had a lot of other free-trade opportunities, including good progress on an FTA with Gulf states and the potential to sign one with the European Union next year.

New Zealand and China also agreed to negotiate an update to their existing Free Trade Agreement.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls with Aussie after Westpac's RBA rate cut call
Intuit juggernaut grows QuickBooks subscribers but momentum slows
Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Augusta lifts net profit six fold as investors flock into new funds
Annual exports to China top $15 billion for first time
Gentrack posts $8.7M loss on CA Plus write-down
Westpac says RBNZ capital proposals would add $6,000 p.a. to an Auckland mortgage
Cavalier says market conditions still challenging
Ryman hikes dividend as annual earnings grow on wider development margin
24th May 2019 Morning Report

IRG See IRG research reports