U.S. to Withdraw From T.P.P

 

In one of the first executive actions of his leadership, President Donald Trump signed a memorandum to withdraw from the multi-lateral trade deal, the Trans-Pacific Partnership (TPP).

That deal was hard fought for by U.S. agriculture, who stood to greatly benefit from fewer tariffs and freer trade with 11 other nations encompassing about 40% of the global economy.

Trump called the move a great thing for American workers.

In a statement, Iowa Senator Joni Ernst says she is disappointed in the executive action to withdraw because of Iowa's one in five jobs dependent on trade, “However, we must not let this stop our country from pursuing increased trade opportunities for our exporters."

The American Farm Bureau Federation supported the TPP and released the statement, “We have much to gain through strong trade agreements. AFBF pledges to work with the administration to help ensure that American agriculture can compete on a level playing field in markets around the world. But we need the administration’s commitment to ensuring we do not lose the ground gained -- whether in the Asia-Pacific, North America, Europe or other parts of the world."

The order did not come as a surprise, Trump had been critical of the TPP through his campaign, promising to stop it in his first days in office.

The deal had not managed to make its way to Congress last year, lacking the needed votes to pass it.