President Trump on Monday (1/23/17) started to make good on the trade rhetoric that was a hallmark of his presidential campaign by formally withdrawing the United States from the Trans-Pacific Partnership. Below is a reprint of an article from The Washington Post that explains the now withdrawn TPP.
from The Washington Post,
If you're just now hearing about the Trans-Pacific Partnership, (don't worry (this article was written three years ago): It's not too late to get up to speed. Negotiations over the huge trade agreement — which, when finished, will govern 40 percent of U.S.' imports and exports — were supposed to wrap up this past weekend in Singapore, but, well, they didn't quite make that deadline, which means meetings will likely continue into the new year.
You'd also be forgiven for not hearing about it: The talks, as with all trade agreements, have been conducted largely in secret. Global health advocates, environmentalists, Internet activists and trade unions have deep concerns about what the deal might contain, and are making as much noise as possible in order to influence negotiations before a final version becomes public. Here's what you need to know.
1. What is the Trans-Pacific Partnership?
Basically, it's a giant free trade deal between the U.S., Canada, and 10 countries in the Asia-Pacific region that's been under negotiation for nearly a decade now (it began as an agreement between Singapore, Chile, New Zealand and Brunei before the U.S. took the lead in 2009). It's expected to eliminate tariffs on goods and services, tear down a host of non-tariff barriers and harmonize all sorts of regulations
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