President Donald Trump reportedly canceled an agreement for sweeping trade deals with Asia as one of his first Official actions in White house yesterday.
Trump headed to the oval office to sign an executive order to formally end the US’s participation in the trade deals with Asia, after meeting with business executives to discuss the US manufacturing industry.
Trump has repeatedly promised to reopen the 22-year-old deal with Mexico and Canada while on the campaign trail and he reiterated his threat to punish U.S. companies that build factories abroad in brief remarks on Monday.
He said during his meetings with executives, “What we want is fair trade, And we’re gonna treat countries fairly, but they have to treat us fairly.”
He met top Business leaders, among which was Dow Chemical Chief Executive Andrew Liveris, who stated that the president tasked the executives to return in 30 days with a plan to shore up the manufacturing industry. He also told that there was extensive discussion of Trump’s threat to impose border tax on US companies that would build factories in other countries and ship the goods back home.
Economists have warned that many of Trump’s proposals — including suggestions that he would impose blanket double-digit tariffs on goods from Mexico and China — could backfire on the American economy by causing prices to rise or igniting a trade war. And business groups such as the U.S. Chamber of Commerce had lobbied extensively for passage of TPP, touting the deal as an engine of job growth and an important check on China’s growing ambitions.