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Killing TTP is bad news for Americans, but great for China

24 January 2017
Killing TTP is bad news for Americans, but great for China

The TPP, a free trade pact between 12 Asia-Pacific countries, was formally signed by ministers from these 12 countries in last February after more than five years' negotiation.

Trump has repeatedly expressed his opposition to free-trade deals, and was also set to sign an order to renegotiate the North American Free Trade Agreement (Nafta) deal between the US, Canada and Mexico.

Gary Clyde Hufbauer, senior fellow at the Peterson Institute for International Economics, described Trump's executive order to withdraw from TPP as "more symbol than anything new".

The MTI spokesman added that Singapore will continue to participate in regional initiatives such as the Regional Comprehensive Economic Partnership (RCEP) and the proposal for a Free Trade Area of the Asia-Pacific.

"From now, US will have only one-on-one trade and whoever misbehaves will get a termination letter", the US President said.

The TPP was a 12 country agreement aimed at eliminating trade barriers between Canada, the USA, Chile, Japan and a number of other Pacific Rim nations.

"It is a case of being an ongoing discussion and obviously when the time is right, we'll have a look at the best way forward", he said.

Mr Trump has called the TPP a "potential disaster", arguing that the deal will harm American workers.

"We've been talking about this for a long time", Trump said before signing the memorandum that withdrew the USA from the agreement.

Rooney said he didn't expect the end of TPP - which had been expected no matter who was president - to have a practical impact in MA, but that renegotiations of NAFTA could affect industries here, such as life sciences, medical and pharmaceutical.

Backers of the agreement said it would bring economic benefits through increased trade and give the United States a leading role in setting trade rules. Former U.S. trade representative Michael Froman stressed that failing to ratify the TPP would be the equivalent of "handing China the keys to the castle".

Sean Spicer, the new White House press secretary, argued on Tuesday that the USA will gain more from a bilateral trade agreement than a multilateral agreement.