Trump’s trade strategy starts with quitting Asia pact – White House

WASHINGTON: The new US administration of President Donald Trump said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact.

A White House statement issued soon after Trump’s inauguration said US would also “crack down on those nations that violate trade agreements and harm American workers in the process.”

The statement said Trump was committed to renegotiating another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the United States, Canada and Mexico.

“For too long, Americans have been forced to accept trade deals that put the interests of insiders and the Washington elite over the hard-working men and women of this country,” it said.

“As a result, blue-collar towns and cities have watched their factories close and good-paying jobs move overseas, while Americans face a mounting trade deficit and a devastated manufacturing base.”

The statement said “tough and fair agreements” on trade could be used to grow the US economy and return millions of jobs to America. “This strategy starts by withdrawing from the TransPacific Partnership and making certain that any new trade deals are in the interests of American workers.”

If NAFTA partners refused to give American workers a fair deal in a renegotiated agreement, “the President will give notice of the US’ intent to withdraw from NAFTA,” the statement added.