US President Donald Trump has signed an executive order to withdraw the United States from the 12-nation Trans-Pacific Partnership (TPP) trade pact, according to the White House.
Moreover, the statement says Mr Trump promises to renegotiate another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the United States, Canada and Mexico. It is quite possible that the country will break that agreement.
“In addition to rejecting and reworking failed trade deals, the United States will crack down on those nations that violate trade agreements and harm American workers in the process,” the White House website states.
“With tough and fair agreements, international trade can be used to grow our economy, return millions of jobs to America’s shores, and revitalize our nation’s suffering communities,” the statement also reads.
Steven Ciobo, the Australian Minister for Trade, Tourism and Investment, met the colleagues from six countries participating in the deal, Japan, Canada, Singapore, New Zealand, and Malaysia during the World Economic Forum in Davos. They discussed other possible variants of trade agreements. At the same time Mr Ciobo was for the Trans-Pacific Partnership.
On January 20, 2017, Republican Donald J. Trump was inaugurated as president of the United States. During his presidential campaign he declared that he planned to deport about 11 million people, residing illegally in the USA. Trump also committed to building a wall at the Mexican border, while the construction would be paid by the United Mexican States.
Besides, Trump pledged that the US would exit from the free trade zone founded under the NAFTA.
After Donald Trump had won the US presidential election, the Mexican peso plunged to a record low.
