Trump Signs Memo to Leave TPP Agreement

US President Donald Trump has signed a presidential memorandum formally withdrawing the United States from the Trans- Pacific Partnership (TPP) free trade deal. 
Trump pledged to withdraw from the TPP during the campaign. Fulfilling his pledge to end American involvement in the 2015 pact, he signed an executive order in the Oval Office pulling the United States out of the 12-nation TPP. 
Trump, who wants to boost US manufacturing, said he would seek one-on-one trade deals with countries that would allow the United States to quickly terminate them in 30 days "if somebody misbehaves". 
"We're going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country," Trump said as he met with union leaders in the White House's Roosevelt Room. 
The United States and eleven other countries, including Japan, had signed the agreement while President Barack Obama was in office. The free trade deal will not take effect without US approval. 
Trump called the presidential memorandum "a great thing for the American workers". 
In response, the Asia-Pacific countries hoping to create a regional trading zone said Tuesday they would push on without the United States. 

Japanese Finance Minister Taro Aso told a news conference that Japan would continue to work with other TPP member countries to promote free trade and Foreign Minister Fumio Kishida said he would continue discussions with the US. 

Australian Trade Minister Steve Ciobo said he was interested in seeing if a TPP of 12 nations, minus one could work. 

New Zealand Trade Minister Todd McClay expressed the same sentiment, saying that his country too would pursue the TPP with the remaining members. The agreement still had value as a free trade agreement with the other countries involved, he added. 

Without the US, the remaining TPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. 

The agreement sought to lift key trade barriers in the region and would have eliminated or reduced about 18,000 tariffs on industrial and agricultural goods, including textiles and clothing. 

The TTP, which has been five years in the making, requires ratification by at least six countries accounting for 85% of the combined gross domestic product of the member nations. 

Australia help open the possibility of China, the world's top exporter, joining a revised deal.

Source: QNA