Tuesday, 22 November 2016

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

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President-elect Donald Trump says the US will quit the Trans-Pacific Partnership trade deal on his first day in the White House.

He made the announcement in a video message outlining what he intends to do first when he takes office in January.

The TPP trade deal was signed by 12 countries which together cover 40% of the world's economy.

Mr Trump also pledged to reduce "job-killing restrictions" on coal production and stop visa abuses.

But there was no mention of repealing Obamacare or building a wall on the southern border with Mexico, two actions he said during the campaign he would do as soon as he assumed power.

What is the TPP?
The massive trade deal was agreed in 2015 by nations including the US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico, but is not yet ratified by the individual countries.The deal was signed by ministers 12 countries in Auckland last February
Its aim was to deepen economic ties and boost growth, including by reducing tariffs.

There were also measures to enforce labour and environmental standards, copyrights, patents and other legal protections.

But its opponents say it was negotiated in secret and it favored big corporations.





BBC

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