President Trump in his first full week in office, started by issuing the reversal of Barack Obama’s signature trade deal, pulling away from Asia. A signature theme of his campaign, reversing Obama’s TPP deal.
The TPP deal or The Trans-Pacific Partnership is a trade agreement which was designed to lower trade barriers between the member countries. Australia, Singapore, Canada and Japan were amongst the 12 state members. The idea was that if everyone brought down taxes on exported goods, U.S. companies would pay less for imports — while benefiting from cheaper labour overseas.
TPP was an attempt to create a single market for the U.S. and 11 countries that border the Pacific Ocean, including Canada, Mexico, and Chile. The idea was to make goods flow more freely and cheaply between all partners — who together represented one third of global trading.
However, since the TPP had not yet been approved by the Senate, it was a formality for the President to reverse the order. He had referred to this in his campaign as a deal for “special interests who want to rape our country.”
President Donald Trump scraps TPP trade deal by executive order. The Independent
Trump executive order pulls out of TPPA trade deal https://t.co/8xaY0FHyYH
— Anas Alam Faizli (@aafaizli) January 24, 2017
— Lori Hendry (@Lrihendry) January 24, 2017
— Kevin Jackson (@KevinJacksonTBS) January 24, 2017
— Naomi Klein (@NaomiAKlein) January 11, 2017
TPP had not yet been approved by The Senate
It was unlikely that it would get passed by the Senate
It had opposition from both sides of the House
Bernie Sanders was against it, Hilary Clinton was also expected to reverse the agreement
It was a good way for The President to divert the attention away form the #WomansMarch which has been dominating news cycles around the world
It was a way of President Trump showing he means business, with an act that doesn’t really have a great deal of substance. But allows his supporters to put a ‘feather in their caps’. At least he has delivered on one of his campaign promises.