Trans-Pacific Partnership is dead in the water after the Trump administration announced Friday the withdrawal from the trade agreement. In a formal statement issued over the weekend, the White House said the president has decided to base its foreign policy on an “America first” attitude that involves returning “millions of jobs to America’s shores” by backing out of multilateral trade agreements such as the TPP.
In addition to pulling out of TPP, the White House said the President plans to renegotiate NAFTA, and will withdraw from the trilateral agreement if Mexico and Canada refuse to negotiate. Despite the statement from the White House on Saturday, Australian Trade Minister Steve Ciobo said the TPP should still be ratified by the remaining signatories, with some small changes needing to be made after the US’ withdrawal.
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