US to quit TPP ‘trade’ deal on first day in office

The agreement was set to enforce economic ties between the members, as well as to boost growth by reducing tariffs among other things. “The answer is to do trade right, making sure it has strong labour standards, strong environmental standards, that it addresses ways in which workers and ordinary people can benefit rather than be harmed by global trade”.

But an optimistic Mr Turnbull said there was a long history of United States presidents criticising trade deals only to later support them when they grasp their economic benefits.

He said Japan plans to lobby other signatories to the pact, adding that he had no comments on President-elect Donald Trump’s statement that he meant to quit the trade pact on the first day of his presidency.

Japan’s prime minister said the TPP trade deal would be “meaningless” without U.S. participation.

Withdrawing from the trade deal was one of six “executive actions” Trump said he would take on day one based on his core principles: putting America first.

“As part of this plan, I have asked my transition team to develop a list of executive actions we can take on day one, to restore our laws and bring back our jobs, it’s about time”.

Regarding energy, Trump said restrictions on certain production procedures would be lifted to “create many millions of high-paying jobs”.

“As we know in the United States, what happens on a campaign trail and ultimately what happens in reality when someone assumes the Oval Office can be a bit different”.

“The United States is not an island. And it’ll be filled with China”.

“We believe, as do the other the 11 nations who are parties to the TPP … it is an important strategic commitment”, the prime minister told reporters in Canberra.

Abe spoke after attending a weekend meeting of Asia-Pacific leaders in Peru at which some said they might try to modify the 12-nation TPP pact to make it more appealing to Trump or seek to implement it without the U.S.

The story Trump announces withdrawal from TPP first appeared on The Land. They already have access to the U.S. markets for their products, but were hoping to see tariffs on some of their key exports vanish altogether.

We need bilateral trade deals.

Apec’s leaders made their statement even as President Rodrigo Duterte said he will adopt a foreign policy that veers toward a China-led regional development. With the summit coming at a time when global concerns linger about potential US -led protectionism under soon-to-be President Donald Trump, . the declaration also reiterated APEC’s commitment to realize the China-led Free Trade Area of the Asia Pacific.