By Ylan Q. Mui:
“This abrupt action so early in the Trump administration puts the world on notice that all of America's traditional economic and political alliances are now open to reassessment and renegotiation,” said Eswar Prasad, trade policy professor at Cornell University. “This could have an adverse long-run impact on the ability of the U.S. to maintain its influence and leadership in world economic and political affairs.”
The TPP was one of former president Barack Obama’s signature efforts, part of a broader strategy to increase American clout in Asia and provide a check on China’s economic and military ambitions. Several of the executives Trump met with Monday initially had supported the agreement, while the chief architect of the administration’s trade policy, Commerce secretary nominee Wilbur Ross, was also once a booster for the deal.
But ending TPP was one of the clarion calls of Trump’s campaign, part of a global backlash against the drive toward greater internationalization that has defined the world economy since the end of World War II. British Prime Minister Theresa May, who is in the midst of navigating her country’s own break from established trading partners, is slated to visit with Trump later this week. A White House spokesman said meetings with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto are in the works.
The Full Story (January 23, 2017)
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