Trump to ditch TPP trade deal

President-elect Donald Trump has outlined his priorities for when he takes office, announcing that the US will quit the Trans-Pacific Partnership trade deal on his first day in the White House. The BBC reports that the TPP trade deal was signed by 12 countries which together cover 40% of the world's economy.

The massive trade deal was agreed in 2015 by nations including the US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico, but is not yet ratified by the individual countries.

Its aim was to deepen economic ties and boost growth, including by reducing tariffs.

There were also measures to enforce labour and environmental standards, copyrights, patents and other legal protections.

But its opponents say it was negotiated in secret and it favoured big corporations.

During the US presidential election campaign, Mr Trump gave broadbrush arguments against the pact, and used plenty of colourful language.

In June 2016 he described it as "another disaster done and pushed by special interests who want to rape our country, just a continuing rape of our country". In another speech he referred to the TPP as "the greatest danger yet".

But while there was plenty of talk about "taking back control" of the US economy, there were few specifics.

Announcing the plan to pull out of the TPP, he said that the US would "negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores".


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