The President elect has confirmed his commitment to exit TPP.
US President elect Donald Trump has confirmed that he will leave the Trans-Pacific Partnership. Trump had campaigned on the issue and many see it as the future leader holding true to his promises.
The 12 nation deal took the Obama administration 7 years to negotiate. TTP did not include China and it proposed a different agreement which excluded the US.
Backers of TPP says it was not just an economic deal but a strategic one which would ensure the US’s continued leadership in the pacific.
The Japanese prime minister, Shinzo Abe, as reported in the Guardian said the TPP would be “meaningless” without the US.
The End of TPP also raises questions for TTIP which would affect Ireland. The end of TPP and TTIP was predicted by former Taoiseach John Bruton the very day of Trumps victory.
‘I think you'll see the TTIP is probably dead, the Trans-Pacific Trade agreement is dead as a result of this election result, and that's going to freeze trade. And as a country Ireland depends disproportionately on trade. 100% of our GDP is represented by exports and anything that hits trade hits Ireland even harder, and that of course reduces the flow of resources for settling pay claims.”