WASHINGTON – U.S. President Donald Trump has signed a notice starting withdrawal from the proposed Trans-Pacific Partnership trade deal.
Trump called the move “a great thing for the American workers.”
It remains unclear if Trump would seek individual deals with the 11 other countries in the TPP, a group that includes Canada and represents roughly 13.5 per cent of the global economy, according to World Bank figures.
Trump has blamed past trade deals such as the North American Free Trade Agreement and China’s entrance into the World Trade Organization for a decline in U.S. factory jobs.
The signing of the memorandum Monday is basically a formality, since the agreement had yet to receive required Senate ratification.
Trade experts say that approval was unlikely to happen given voters’ anxiety about trade deals and the potential for job losses.