Trump Confirms US Withdrawal From Trans Pacific Partnership

The deal died in Congress after Trump’s November 8 election victory. To come into force, it must be ratified by February 2018, but there is disagreement if it could proceed if the U.S. walks away. “We are willing to keep pushing the (RCEP) talks process with all sides to achieve positive progress at an early date”, he said. The United States’ major trading partners are in preparation for the next agreement.

“There is no zero-sum relationship between the various free trade arrangements, and they should not be mutually exclusionary, but rather should promote each other”, he added.

Singapore Prime Minister Lee Hsien Loong said that, if it comes to it, reopening renegotiations won’t be easy.

“If Congress does not move forward with ratifying the Trans-Pacific Partnership, it is a significant missed opportunity for the American people, in part because there were some pretty clear signals from other TPP countries that they actually intend to move forward, even if the United States does not”.

Trade Minister Eduardo Ferreyros, who last week urged the world not to “box in” Trump on his campaign stance toward the TPP, said the US President-elect’s comments on Monday had “dramatically changed the panorama”.

Global leaders have reacted in disappointment to the announcement, while expressing hope that the Trump administration would be willing to explore other options for free trade.

The country will work with the Association of Southeast Asian Nations to negotiate the Regional Comprehensive Economic Partnership, spokesman Shen Danyang said in a briefing in Beijing, echoing President Xi Jinping’s Saturday speech to the Asia-Pacific Economic Cooperation meeting.

“If you look at the TPP and particularly at the tariff reductions, the big openings would be with Japan, Vietnam and Malaysia”.

President-elect Donald Trump is vowing to immediately begin the process of pulling the US out of the Trans-Pacific Partnership once he becomes president. In mega-regional trade deals like the TPP, America would find itself in a weaker bargaining position.

But Australian Prime Minister Malcolm Turnbull said: “There is very strong support among the other 11 parties to the TPP to ratify it and to seek to bring it into force”.

“Today, I would like to provide the American people with an update on the White House transition and our policy plans for the first 100 days”, Trump said in a video released on November 21. Trump doesn’t address how those regulations will be selected. Ever since NAFTA went into effect two decades ago, many major US companies have set up shop in Mexico. “On average, every US farmer exports about $12,000 of agricultural products to China” every year, Wang said.