US President Donald Trump formally withdrew the United States from the Trans-Pacific Partnership (TPP), fulfilling a campaign pledge to end American involvement in the 2015 trade pact.
On Monday, Trump signed an executive order in the Oval Office pulling the US out of the 12-nation trade accord, Reuters reports.
Trump, who wants to boost US manufacturing, said he will seek one-on-one trade deals with countries that would allow the US to quickly terminate them in 30 days “if somebody misbehaves.”
“We’re going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country,” the president was quoted as saying as he met with labor union leaders in the White House.
The TPP accord, backed heavily by US business, was negotiated by former Democratic President Barack Obama’s administration but never approved by Congress.
It had been the main economic pillar of the Obama administration’s “pivot” to the Asia-Pacific region to counter China.
Trump has sparked worries in Japan and elsewhere in the Asia-Pacific with his opposition to the TPP and his campaign demands for US allies to pay more for their security.
But his trade stance mirrors a growing feeling among Americans that international trade deals have hurt the US job market, the report noted.
Trump is also working to renegotiate the North American Free Trade Agreement to provide more favorable terms to the US.
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