Latest Global Business News

Trump pulls U.S. out of TPP trade deal

 
The new U.S. president began his first weekday with a flurry of executive orders... that included a withdrawl from the multilateral trade agreement, the Trans-Pacific Partnership.
 
Kim Hye sung dissects the possible repercussions of this decision including how it could affect the Korea-U.S. free trade agreement.
 
It was a campaign promise put into action.
 
On his first official work day, U.S. President Donald Trump signed an executive order to formally pull the United States out of the Trans-Pacific Partnership.
 
We're going to stop the ridiculous trade deals that are taking everybody out of our country and taking companies out of our country. It's going to be reversed."
 
On the campaign trail, Trump pilloried the twelve-nation trade pact negotiated under the Obama administration... as one that harms U.S. interests, saying that he would pull out of the deal in his first 100 days in office.
 
"The TPP represents roughly 40-percent of world GDP. Countries like Japan and Australia, which tried to boost their relations with the U.S. will be hurt by Trump's decision. That's why the two countries' prime ministers said they will look for ways to save the pact after Trump's announcement. But Korea, which is not a party to the deal, will be affected very little."
 
trump pulls us out of tpp
 
Trump has said he will seek one-on-one trade deals that put U.S. interests first, pledging to renegotiate NAFTA with Meicao and Canada and leading to concerns that he may also try to renegotiate the Korea-U.S. FTA which took effect in 2012.
 
"During the campaign, Trump criticized the Korea-U.S. FTA as killing U.S. jobs and manufacturers. While it's too early to say whether Trump will drop the deal or renegotiate it, it could happen. And if he does scrap the FTA, it could cost Korea over 13 billion U.S. dollars in the next four years due to higher tariffs."
 
Experts say the Korean government needs to watch the situation closely and come up with measures to deal with the many possible scenarios.
 
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