President Donald Trump signs an executive order to withdraw the U.S. from the 12-nation Trans-Pacific Partnership trade pact agreed to under the Obama administration, Monday, Jan. 23, 2017. (EVAN VUCCI / THE ASSOCIATED PRESS)
OTTAWA—President Donald Trump wasted little time Monday in signing official notice that the United States is pulling out of the proposed Trans-Pacific Partnership trade deal.
Trump called the move “a great thing for the American workers.”
But at least one Canadian trade expert said it heralds more trouble on trade, including the North American Free Trade Agreement between the U.S., Canada and Mexico — another deal that Trump has in his sights.
“It reflects a disdain for open markets and liberalized trading arrangements and the manifestation of Mr. Trump’s ‘America First’ policy,” Toronto trade lawyer Lawrence Herman said of the decision.
“It signals storm clouds ahead for the NAFTA. Canada needs to be prepared if the U.S. decides to pull the plug on that deal.”
It remains unclear if Trump would seek individual deals with the 11 other countries in the TPP, a group that includes Canada and represents roughly 13.5 per cent of the global economy, according to World Bank figures. – The Star