http://illuminatisilver.comhttp://facebook.com/illuminatisilver‘Goodbye’ says President-elect Trump to the TPP
Today is Tuesday 22n November 2016 and we are briefly commenting on President-elect Trumps announcement to pull out of the TPP.
On the 15th October we published a video entitled ‘TPP Trans-Pacific Partnership – what is it?’
In case you haven’t seen it, in summary, the TPP is a substantial trade deal agreed in 2015 by 12 nations including the US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico, but is not yet ratified by those individual countries.
Its aim was to deepen economic ties and boost growth by reducing tariffs. There were also measures to enforce labour and environmental standards, copyrights, patents and other legal protections.
The main criticism of it however, is that it was negotiated in secret and favours large corporations. Sovereignty issues also were questioned.
Well President-elect Trump has just announced the US will quit the Trans-Pacific Partnership trade deal on his first day in the White House.
He made the announcement in a video message outlining what he intends to do first when he takes office in January. He said that the US would:
"Negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores".
So what does this mean for the United States? Well it does suggest that a President Trump will only negotiate deals which are immediately beneficial to the US. Some economists argue that by allowing the emerging markets to flourish, you create potential markets for the US in the future.
We glean so far, that Trump’s view is different. The US being the ‘powerhouse of the world’ can compete on its own terms and by flexing its own substantial economic muscle. It’s almost an imminent battle of ‘win or die’. Is he right or wrong? Frankly only time will tell.
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