US President Donald Trump on Monday signed an executive order to officially withdraw the US from the Trans-Pacific Partnership (TPP) trade deal.
Trump called the move "a great thing for the American workers", local media reported. "We've been talking about this for a long time," Trump said as he signed the order.
An agreement on the TPP, a free trade pact between 12 Asia-Pacific countries, was formally signed by ministers from these 12 countries last February after more than five years of negotiations. For the TPP to come into effect, it was still awaiting ratification from all 12 member countries.
US President Donald Trump signs an executive order to withdraw the US from the TPP trade pact on Jan. 23, 2017, in the Oval Office of the White House in Washington. /AP Photo
Trump's action on Monday was considered as a symbolic move, as Congress had still not approved the deal. However, the move indicated that the new administration is actively shifting trade policies from previous US norms.
According to the trade strategy put forward by the Trump administration, the strategy starts by withdrawing from the TPP and renegotiating the North American Free Trade Agreement (NAFTA).
The White House also said it will pursue trade deals which are in the interests of American workers and crack down on nations that violate trade agreements and harm the US labor force.
US President Donald Trump hosts a breakfast meeting with business leaders in the Roosevelt Room of the White House in Washington, on Jan. 23, 2017. /AP Photo
During his election campaign, Trump promised to never sign massive trade agreements like the TPP, which he said would "destroy" US manufacturing. He also vowed to renegotiate NAFTA and threatened to levy hefty tariffs on Mexico.
Trump said on Sunday that he would soon meet leaders of Mexico and Canada to discuss the renegotiation of NAFTA.
Donald Trump delivers his inaugural address after he was sworn in as the 45th president of the US during the presidential inauguration ceremony at the US Capitol in Washington DC, the US, on Jan. 20, 2017. /Xinhua Photo
At a meeting with business leaders on Monday, Trump also said that the administration will impose "a very major border tax" on companies that are shifting production overseas.
International institutions, such as the World Bank and International Monetary Fund, have warned that Trump's inward-looking policies and protectionism could be a threat to global growth
(With inputs from Xinhua News Agency)
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