So the trade wars have begun. Less than 72 hrs into to his first term, President Donald Trump has wasted no time making good on a number of campaign pledges, including today’s signing of an executive order to pull the US out of the Trans-Pacific Partnership (TPP) trade deal.
The 12 nation deal was dubbed the ‘Gold Standard’ by former US Secretary of State Hillary Clinton, and was supposed to be the high-water mark of ex-President Barack Obama’s economic legacy – continuously championed by Obama and his backers on Wall Street, but was not yet approved by Congress.
The deal was initially designed for the US, Canada, Mexico, Japan, Australia, New Zealand, Malaysia, Singapore, Vietnam, Brunei, Chile and Peru, but plans to extend its corporate reach would eventually include all countries in South America and the Pacific Rim. The other 11 nation signatories will likely move ahead with the deal regardless of the US, but it will be a weaker play in terms of geopolitical leverage.
This latest announcement follows Trump’s inauguration speech, promising from now on to put ‘America First,’ while promoting the anti-globalization mantra of , ‘buy American and hire American.’
Said Trump: ‘We’ve been talking about this for a long time,’ adding that today’s move will be a ‘great thing for the American worker.’
This post was published at 21st Century Wire on JANUARY 23, 2017.