During his first full working day in the office, Donald Trump signed an executive order officially withdrawing the United States from the Trans Pacific Partnership (TPP).
“Everyone knows what that means, right?” Mr Trump said at the signing ceremony in the White House. “We’ve been talking about this for a long time … It’s a great thing for the American worker.”
Mr Trumps move comes as he vows to bring industry back to the United States, making it especially beneficial to the American worker.
Some experts predict that the United States withdrawal from the TPP will not have a drastic impact on Australia. The United States-Australia Free Trade Agreement (AUSFTA) still remains in place.
The other nations still involved in the TPP include:
- Brunei
- Canada
- Chile
- Japan
- Malaysia
- Mexico
- New Zealand
- Peru
- Singapore
- Vietnam
The TPP is aimed at deepening economic ties among the above nations and is expected to substantially reduce tariffs, even to eliminate them in some cases, and help open up trade in goods and services. It is also expected to boost investment flows between the countries and further boost their economic growth.
Does the US withdrawal from the TPP signal the end of this deal?
Read more about the TPP here.
