Saturday, 21 January 2017

Donald Trump's Trade Strategy Starts With Quitting Asia Pact

The new US administration of President Donald Trump said that its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact.

A White House statement issued soon after Trump's inauguration said the United States would also "crack down on those nations that violate trade agreements and harm American workers in the process."

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The statement said Trump was committed to renegotiating another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the United States, Canada and Mexico.

"For too long, Americans have been forced to accept trade deals that put the interests of insiders and the Washington elite over the hard-working men and women of this country," it said. "As a result, blue-collar towns and cities have watched their factories close and good-paying jobs move overseas, while Americans face a mounting trade deficit and a devastated manufacturing base."

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