Trump pulls US out of ‘job killer’ Pacific trade deal

Washington, January 23 

President Donald Trump  today formally withdrew the US from the Trans-Pacific Partnership (TPP), making good on a pledge to scrap a deal he denounced as a “job killer” and a “rape” of US interests.

Embarking on his first full week in office, the 45th US President began rolling out his policy agenda after a tumultuous first weekend for his administration by signing a series of executive orders.

Among the first was a memo on withdrawing from the vast TPP trade pact, which aimed to set trade rules for the 21st century and bind US allies against growing Chinese economic clout.

“We’ve been talking about this for a long time,” Trump said as he signed the executive order in the Oval Office. “Great thing for the American worker what we just did.”

Negotiated by former President Barack Obama’s administration and signed by 12 countries in 2015, the TPP had yet to go into effect and US withdrawal is likely to sound its death knell.  It had been the main economic pillar of the Obama administration's “pivot” to the Asia-Pacific region to counter China.

Its signatories — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Brunei — together represent 40 per cent of the world economy. The real estate mogul’s White House bid was fuelled in part by a pledge to overturn trade deals — such as TPP and NAFTA  — that he says have drained US jobs and destroyed its industrial heartlands. 

The Republican leader also signed two other orders, on freezing the hiring of federal workers and hitting foreign NGOs that help with abortion.

Trump is looking to shift attention firmly back onto his policy agenda after a first few days that put his incoming administration on the back foot. “Busy week planned with a heavy focus on jobs and national security,” he tweeted. — Agencies

Israeli PM invited to White House

The President on Monday invited Israeli PM Benjamin Netanyahu to the White House next month, working quickly to establish close ties with a crucial ally in Middle East which was often at odds with his predecessor. Trump spoke over the phone to Netanyahu and discussed ways to ensure stability in the Middle East.

‘Border tax’ on firms for shifting jobs abroad: Prez

Trump warned business leaders that a “substantial border tax” will be imposed on firms that set up manufacturing units abroad as he promised to “massively” cut down regulations and taxes to encourage firms to produce products domestically. During a meeting with 12 business leaders, he warned them of consequences if they shift jobs abroad.

Trump vows to ‘start renegotiating’ NAFTA

Trump has pledged to begin renegotiating the North American Free Trade Agreement  in upcoming talks with the leaders of Mexico and Canada. “We’re meeting the Canadian PM and we will be meeting the President of Mexico (on Jan 31), who I know, and we’re going to start some negotiations having to do with NAFTA,” he said.