Trump says USA will quit TPP on first day in office

Calling the TPP unfair and damaging to USA economic prospects Trump went on to say that he would negotiate bilateral trade treaties with different countries in order to bring jobs back to the US.

These remarks were made only a day after Donald Trump reiterated his promise to withdraw the US from the 12-country trade pact on his first day in office.

President Obama had meant to push for TPP approval during the so-called “lame duck” session of Congress before the inauguration of a new president on 20 January, but lawmakers last week said this would not happen.

Meanwhile, Japanese Prime Minister Shinzo Abe – who has been a leading advocate of the deal, and was the first foreign leader to meet with Trump since the elections – said the TPP would be quote “meaningless” without Washington’s involvement. The US enjoys a healthy trade surplus with Singapore, and our companies have created good jobs in both countries.

The spokesperson reiterated China’s stance that is was open to all trade arrangements that promote free trade in the Asia-Pacific, as long as they don’t lead to fragmentation and are not being exploited for political purposes. This does not mean that the global trade negotiations will remain quiet.

Trump campaigned on a promise to halt the progress of the TPP trade deal, an agreement President Barack Obama had hoped would be a part of his administration’s trade legacy.

A probe into visa abuses headed by the labor department would also be conducted, in order to stop illegal immigrants from undercutting USA laborers, Trump said.

The Asia Pacific Economic Cooperation forum closed with a joint pledge to work toward a sweeping new free trade agreement that would include all 21 members as a path “sustainable, balanced and inclusive growth”, despite the political climate.

TPP, made up of 12 nations, aims to cut trade barriers in some of Asia’s fastest growing economies.

Trump repeated his plan to cut regulations, mandating that for every one new one that is issued, two old regulations must be eliminated.