Trump vows to pull U.S. out of Trans-Pacific Partnership immediately
Posted November 22, 2016 9:06 am.
Last Updated November 22, 2016 11:04 am.
This article is more than 5 years old.
Donald Trump is vowing to immediately begin the process of pulling the U.S. out of the Trans-Pacific Partnership once he becomes president.
In a YouTube video released Monday night, the president-elect says he will issue a notification of intent to withdraw from the agreement on his first day in power, a move many believe would kill the deal.
The TPP is intended to open up trade among 12 countries that encompass nearly 40 per cent of the world’s GDP, including Canada.
Trump, who has repeatedly criticized the TPP as “a potential disaster” for America, did not mention NAFTA, which he has promised to renegotiate.
His message was issued after U.S. President Barack Obama, Prime Minister Justin Trudeau and other APEC leaders met in Peru, where they issued a call to fight the backlash against global trade.
The Canadian government says it believes in free trade but has opted to open the TPP up to widespread consultations prior to making a decision.
The House of Commons trade committee is also studying the deal.
In September, a federal study predicted Canada would generate more than $4 billion in long-term GDP gains if it joined the TPP, but stands to take a $5-billion loss if it opts out.
The analysis, conducted by the Office of the Chief Economist at Global Affairs Canada, assessed the impact of the TPP on Canada and other countries that tentatively signed on to the trade deal in October 2015.
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