Trump Pulls U.S. Out of Trans-Pacific Partnership Deal on Day 1

Making good on a campaign promise, U.S. President Donald Trump, on his first day in the White House, signed an Executive Order yanking the U.S. from the Trans-Pacific Partnership (TPP) deal, a 12-nation trade agreement negotiated by Barack Obama and supported by businesses.

“We've been talking about this for a long time,' Trump said. “Great thing for the American worker.”

A memo the White House released stated:

“It is the policy of my Administration to represent the American people and their financial well-being in all negotiations, particularly the American worker, and to create fair and economically beneficial trade deals that serve their interests.

“Additionally, in order to ensure these outcomes, it is the intention of my Administration to deal directly with individual countries on a one-on-one (or bilateral) basis in negotiating future trade deals.

“‘Trade with other nations is, and always will be, of paramount importance to my Administration and to me, as President of the United States.”

Trump campaigned against the TPP and other trade deals, including Nafta, during his campaign. In a video released in November, Trump promised to exit TPP “on day one,” calling it “a potential disaster for our country.”