Advertisement

  1. ITV Report

Trump: US to withdraw from TPP trade deal on first day in office

Sorry, this content isn't available on your device.

In his first day as President of the US, Donald Trump will issue an executive action withdrawing America from the Trans-Pacific Partnership (TPP).

The TPP - branded "a potential disaster for our country" by Mr Trump - is a trade agreement among 12 of the Pacific Rim which together 40% of the world's economy. The TPP does not include China.

Speaking in a video posted to his Facebook page and on YouTube, the President-Elect said instead of the TPP, the US would create "bilateral trade deals that bring jobs and industry back onto American shores".

In the video the billionaire businessman outlined his plans for the presidential transition and his first 100 days in office, and how he would "Make America Great Again".

Mr Trump said he would direct the Labour Department to investigate abuses of visa programmes "that undercut the American worker", and also promised to issue a rule that for every new regulation, two old ones must be eliminated.

The Republican also said he would cancel some of the "job killing restrictions" on energy production, including shale and "clean coal", which would create "millions of high paying jobs".

Mr Trump said he would speak to the Defence Department and ask them to protect American infrastructure "from cyber attacks and all other forms of attacks".

Repeatedly during his election campaign Mr Trump promised to "drain the swamp", and he said he would do this by placing a five-year ban on executive officials from becoming lobbyists after they leave the office, and a lifetime ban on executive officials lobbying on behalf of foreign governments.

Mr Trump promised to provide more updates on how he would "make America great again for everyone" over the coming days.

Japan's Prime Minister Shinzo Abe. Credit: PA

Reacting to Mr Trump's announcement, Japan's Prime Minister Shinzo Abe said the TPP would be "meaningless" without US participation.

Mr Abe, who attended a gathering of TPP leaders in Lima, Peru, said there was no discussion at the meeting that the other member nations should try and put the TPP into effect without the US.

What is the TPP?

  • The TPP involves 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
  • It aims to deepen economic ties between the countries, cutting tariffs and creating trade to boost growth.
  • Member nations also hoped to foster a closer relationship on economic policies and regulation.
  • The TPP could create a new single market, similar to that in the EU.