On Monday, the United States new President Donald Trump has signed an executive order pulling out the U S from the controversial Trans-Pacific Partnership trade agreement, carrying out good on a campaign promise.
Mr. Trump also signed two more orders such as one restoring a disallow on funding for international groups that carry out abortions and second one placing a hiring freeze on some federal employees.
Previous US president Barack Obama’s administration was the advocate of the TPP, a giant and semi-secret 12-member free-trade deal, aimed extending economic ties between the US and 11 other Pacific Rim nations, cut taxes and foster trade to boost economic development in the procedure.
The 45th President of the United States said that it has been considering for long time, reason why signed the papers and believed impressive thing for the American worker as withdrew TPP trade.
Mr. Trump also talked about the campaign trail that the TPP is not good to US workers and robs the industrialized sector.
He also said that its administration allows trade but they are going to have one on one, though if someone shows misbehave, a will be sent him and they will have 30-day to react.
However, TTP supporters that it would open business opportunities on a global scale as well as would be beneficial for all 12 nations engaged, while rivals said that it would be in favor of exporting U.S. jobs to low-wage nations.
By signing an agreement, Mr. Trump has taken advance towards fixing 30 years of bad trade policies. Although, US president trade move seems to be biggest mistake that will have long-term penalty for economy of United States of America and our strategic position in the Asia-Pacific region, said Senator John McCain, R-Ariz.