The agreement was designed to deepen economic ties between twelve countries that border the Pacific Ocean – namely, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Chile, Peru, Mexico, Canada and the US.
Combined these countries represent approximately 40% of the world’s economic output.
It was hoped that the pact would lead to lower tariffs, helping to foster trade between the countries and boost economic growth. This could have potentially lead to the creation of a new single market, similar to that of the European Union.
But all of that is history now, as Trump has now fulfilled his campaign pledge to end America’s involvement in the TPP and distance itself from its Asian allies.
Trump has said he plans to seek one-on-one trade deals with countries that will allow the U.S. to terminate the agreements in 30 days “if somebody misbehaves.”
“We’re going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country,” Trump said.
Trump has said that one of the issues that helped him win the November 8 election was his promise to bring manufacturing plants back to the United States.
Read the full story at Reuters.