Monday, January 23, 2017

Trump signs executive order withdrawing US from TPP trade deal

Trump on Monday signed an executive order withdrawing the United States from the controversial Trans-Pacific Partnership trade deal. 
He also signed a measure imposing a federal employee hiring freeze -- exempting the military -- and another measure reinstating a ban on taxpayer-funded groups pushing abortion services in foreign countries. 
The TPP, a giant and semi-secret 12-member free-trade agreement advocated by the Obama administration, aimed to deepen economic ties between the U.S. and 11 other Pacific Rim nations, cut taxes and foster trade to boost economic growth in the process.
Trump argued on the campaign trail that the TPP is harmful to American workers and robs the manufacturing sector.
Supporters of TTP said it would have been a boon for all 12 nations involved and would unlock business opportunities on a global scale. Opponents argued, among other things, it would encourage exporting U.S. jobs to low-wage nations.  
Trump’s executive order on TPP came on the same day he met with business executives and was scheduled to meet with union leaders later at the White House.
On the campaign trail, Trump also criticized NAFTA -- the North American Free Trade Agreement -- saying the U.S. manufacturing sector had been battered by bad trade deals.
During a meeting Sunday, Trump signaled he would make changes to NAFTA. Signed into law in 1994 by former President Bill Clinton, NAFTA is a trade agreement between the United States, Canada and Mexico. It essentially eliminates almost all tariffs between the three nations, allowing the flow of goods and supplies across borders.

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