Tuesday, January 24, 2017

Trump pulls U.S. out of TPP; NAFTA next?

Trump pulls U.S. out of TPP, will renegotiate NAFTA 'at the appropriate time' - Business - CBC News - Pete Evans:

January 23, 2017 - "The new U.S. president made good on one of his campaign promises Monday, formally withdrawing the United States from the Trans-Pacific Partnership free-trade deal, and signalling his intention to renegotiate NAFTA 'at the appropriate time.'

"Calling the move 'great news for American workers,' Donald Trump signed an executive order pulling the U.S. out of TPP, a pan-oceanic trade pact signed by his predecessor but never ratified..... 'We are going to stop the ridiculous trade deals that have taken everybody out of our country and tak[en] companies out of our country,' Trump said after signing the order....

"On the other side of the political aisle, Vermont Senator and erstwhile presidential candidate Bernie Sanders cautiously welcomed the move.

"'I am glad the Trans-Pacific Partnership is dead and gone. For the last 30 years, we have had a series of trade deals — including the North American Free Trade Agreement ... which have cost us millions of decent-paying jobs and caused a 'race to the bottom,' which has lowered wages for American workers,' Sanders said.... ''If President Trump is serious about a new policy to help American workers then I would be delighted to work with him'....

"Reports Monday suggested the Trump administration would also sign an order to formally attempt to renegotiate NAFTA. While that didn't come to pass, Trump told reporters that discussions on the future of the North American Free Trade Agreement would begin 'at the appropriate time.'

"At a press briefing later on Monday, White House press secretary Sean Spicer said no further executive orders are planned today, but more movements on trade are expected later this week....

"Spicer added that the president is open to renegotiating NAFTA in its current structure, and expects those talks to begin within the next month."

Read more:http://www.cbc.ca/news/business/donald-trump-trade-nafta-1.3947989
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