President Donald J. Trump signed an executive order Monday to withdraw the U.S. from the Trans-Pacific Partnership (TPP) trade deal.
Withdrawing from the TPP is one of the many actions Trump promised to take on first day of his term of office.
The TPP is a 12-country deal that was meant to liberalize trade between the U.S. and Pacific Rim nations including Japan, Mexico and Singapore, was one of former President Obama’s signature achievements. Congress’s approved the “fast track” authorization for the agreement in 2015. It was signed by the U.S. but was not ratified.
Trump will start individual trade negotiations with the countries in the partnership. Negotiations for the new trade deals will be headed by Commerce Secretary-designate Wilbur Ross, U.S. Trade Representative Robert Lighthizer and the head of the White House Trade Council, Peter Navarro.
Trump also announced his plans to renegotiate the North American Free Trade Agreement (NAFTA):
“We will be starting negotiations having to do with NAFTA,” Trump said Sunday at a swearing-in ceremony for his top White House advisers. “We are going to start renegotiating on NAFTA, on immigration and on security at the border.”
Announcing that he would negotiate changes to NAFTA is also something Trump promised to take on first day of his term of office.