In one of his first acts as American President, Donald Trump has pulled the United States out of the Trans-Pacific Partnership (TPP).
Twelve countries that border the Pacific Ocean signed up to the TPP in February 2016, representing roughly 40% of the world’s economic output.
The pact aimed to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth. Members had also hoped to foster a closer relationship on economic policies and regulation.
Those other member states are: Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
President Trump officially withdrew his country from the TPP, stating that the deal would have cost America its jobs. The move fulfills one of his main campaign pledges.
“I have also signed an executive order for a complete freeze on federal workforce hiring , with the exception of our United States Military,” said Trump yesterday.