Washington: United States (US) President Donald Trump on Monday withdrew his country’s participation from the Trans-Pacific Partnership agreement, which was backed by his predecessor Barack Obama but not approved by Congress. The move was one of the several ‘Day One’ promises Trump had made during his election campaign.
Trump had said that individual trade deals would be facilitated with the participating countries, which would allow the US to end the agreement ‘if somebody misbehaves’. The newly-inducted president said that it was part of his efforts to boost the country’s manufacturing sector.
As per sources, during a subsequent meeting with manufacturers on Monday, Trump told them that certain corporate taxes and regulations would be reduced. He asked the chief executives of Ford Motor Co, Dell Technologies Inc, Tesla Motors Inc and others to offer suggestions to improve manufacturing,
The Trans-Pacific Partnership – the world’s biggest multinational trade deal was signed in Auckland, New Zealand, on February 2, 2016, by ministers from its 12 signatory countries. The deal was aimed at facilitating investment and eliminating nearly all tariffs among states across the Pacific Rim. It included the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru, which account for 40% of the global economy.