U.S. Role in global economy shifts as it pulls out from the trains-Pacific Partnership - Alldamoney

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U.S. Role in global economy shifts as it pulls out from the trains-Pacific Partnership

In a symbolic move to signal that his tough talk on trade during the campaign will carry over to his new administration, President Trump’s canceled a trade agreement with Asia to begin recasting America’s role in the global economy. On Jan. 23 at the White House, Trump signed an executive order formally withdrawing the U.S from the Trans-Pacific

Partnership trade deal, an order establishing a federal hiring freeze, and a third order reinstating the "Mexico City policy
In one of his signature moves and part of a broader strategy to increase American clout in Asia and provide a check on China’s economic and military ambitions, congress granted former president Obama a “fast-track” authority to negotiate the agreement in 2015, with 11 nations along the Pacific Rim to cover a wide swath of goods and services.
Trump’s election effectively guaranteed its demise, canceling the TPP was one of the clarion calls of his campaign and  part of a global backlash against the drive toward greater internationalization that has defined the world economy since the end of World War II.

However, Pulling out of the deal “raises fundamental questions about American reliability and leaves its allies and trading partners in wobble.
Stating his reason the president said American workers would be protected against competition from low-wage countries like Vietnam. “We’re going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country, and it’s going to be reversed. “He stated “

But advocates of free-trade said since both Mexico and Canada were signatories in canceling the pact, America has lost an agreement that had already renegotiated Nafta under more modern rules governing intellectual property, internet access and agriculture.

Some Republicans from the president’s party agreed, in a statement, Senator John McCain of Arizona called the decision “a serious mistake” that would hurt America. “It will send a troubling signal of American disengagement in the Asia-Pacific region at a time we can least afford it,”
Also Australia a major allied with the United States through its trade minister, Steven Ciobo, on Monday said that other members of the trade pact were exploring whether to create a “T.P.P. minus one,” without the United States.

In an interview he said “The T.P.P. offers very material benefits for all parties that signed up to the agreement,” “It would be a great shame to lose those benefits. Notwithstanding President Trump’s decision, there are still a lot of merits to capturing those gains.

Video: Trump Just Signed Executive Orders on TPP

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