US to scrap TPP on Trump's ‘day one’
US President-elect Donald Trump says he will scrap the Trans-Pacific Partnership on the first day in the White House.
Trump made the remarks in a video posted on his Facebook page Monday, in which he also outlined his key policy platforms ahead of the inauguration of his administration on January 20.
He said he had sought advice about the US role in the world's largest trade deal and that he would negotiate better trade deals after scraping the TPP.
"I've asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs," he said. "I am going to issue a notification of intent to withdraw from the Trans-Pacific Partnership — a potential disaster for our country... Instead, we will negotiate fair, bilateral trade deals."
During his election campaign, Trump expressed strong opposition to the pact, vowing to scrap the 12-nation trade deal.
The TPP, backed by outgoing US President Barack Obama, is currently in the final stages of discussion at Japan’s parliament to get the necessary ratification and enter into force.
Obama’s team reached the historic accord with Japan and 10 other countries bordering the Pacific Ocean over a year ago to lower trade barriers in a region that accounts for two-fifths of the global economy.
Its collapse is a bitter defeat for Obama, whose support for the controversial deal divided the Democratic Party and complicated the campaign of its nominee, Hillary Clinton who lost in the election on November 8.
US Senate Majority Leader Mitch McConnell has recently said he would not take up the TPP before Trump was inaugurated.
House Speaker Paul Ryan has also said he would not bring the legislation to a lame duck vote.
In addition, Representative Kevin Brady, the Republican chairman of the committee that oversees trade, said in a statement that the deal “is not ready to be considered during the lame duck and will remain on hold until President Trump decides the path forward.”
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