Trump or­ders with­drawal of US from TPP trade pact

Pakistan Today (Karachi) - - NEWS -

United States (US) Pres­i­dent Don­ald Trump moved Mon­day to pull the US out of the Trans-Pa­cific Part­ner­ship (TPP), mak­ing good on a pledge to scrap a deal he de­nounced as a “job killer” and a “rape” of US in­ter­ests. Em­bark­ing on his first full week in of­fice, the 45th US pres­i­dent be­gan rolling out his pol­icy agenda af­ter a tu­mul­tuous first week­end for his ad­min­is­tra­tion by sign­ing a se­ries of ex­ec­u­tive or­ders. Among the first was a memo on with­draw­ing from the vast TPP trade pact, which aimed to set trade rules for the 21st cen­tury and bind US al­lies against growing Chi­nese eco­nomic clout. “We’ve been talk­ing about this for a long time,” Trump said as he signed the ex­ec­u­tive or­der in the Oval Of­fice. “Great thing for the Amer­i­can worker what we just did.” Pro­moted by Wash­ing­ton and signed by 12 coun­tries in 2015, the TPP had yet to go into ef­fect and US with­drawal is likely to sound its death knell. Its sig­na­to­ries — Aus­tralia, Brunei, Canada, Chile, Ja­pan, Malaysia, Mex­ico, New Zealand, Peru, Sin­ga­pore, the United States and Brunei — to­gether rep­re­sent 40 per cent of the world econ­omy. The real es­tate mogul’s White House bid was fu­elled in part by a pledge to over­turn trade deals — such as TPP and the North Amer­i­can Free Trade Agree­ment — that he says have drained US jobs and de­stroyed its in­dus­trial heart­lands. Trump also signed two other or­ders, on freez­ing the hir­ing of fed­eral work­ers and hit­ting for­eign NGOs that help with abor­tion.

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