The TPPA appears to be no more. And the cause of death is an unusual one. Who would have thought that a Republican self declared multi billionaire with a history of labour abuse and not paying his contractors would pull out of the agreement on the basis that it was bad for American workers. Although the calculation may have involved a cynical attempt to reach out to supporters of Bernie Sanders who was the first candidate to talk about the flaws of the treaty the result at least is pleasing.
From Radio New Zealand:
US President Donald Trump has signed an executive order to withdraw from the Trans-Pacific Partnership trade deal (TPP).
The trade pact – which was a linchpin of former President Barack Obama’s pivot to Asia – was signed by 12 nations, including New Zealand, and covered 40 percent of the world’s economy.
The directive was part of a series of executive orders planned for Monday to begin reshaping US trade policies.
Mr Trump had vowed to quit the TPP during his presidential campaign.
He has criticised the trade agreement as a “potential disaster for our country”, arguing it harmed the US manufacturing sector.
Although US manufacturers may not be too upset as Trump has promised them preferential treatment by way of tax cuts and border controls:
Earlier on Monday, Mr Trump pledged to “massively” cut regulations and taxes on companies that keep jobs in the US.
This followed a meeting with executives from companies including defence manufacturer Lockheed Martin, apparel maker Under Armour, appliance manufacturer Whirlpool, electric-carmaker Tesla and pharmaceutical giant Johnson & Johnson.
After meeting business leaders, Mr Trump also warned them he would impose a “very major border tax” on companies that move manufacturing out of the US.
“We’re going to be cutting regulation massively”, but the rules will be “just as protective of the people”, he told reporters after the morning meeting in the White House’s Roosevelt Room.
He pledged to lower corporate taxes to 15 percent or 20 percent from the current 35 percent and lift regulations by up to 75 percent.
This particular decision is great but there is a worrying anti internationalism trend developing in Washington. House Republicans have introduced a bill that if passed would see the United States withdraw from the United Nations.
If America goes through with this it will fundamentally change the international order. Israel would surely follow. International Law would take a battering and the UN would be severely weakened.
We live in very interesting times …
Powered by WPtouch Mobile Suite for WordPress