President Trump has formally withdrawn the US from the Trans-Pacific Partnership (TPP). The agreement was formed by former President Obama with the intention of bringing together the United States and 11 other nations along the Pacific Rim, including Canada, Mexico, Japan, Vietnam, Malaysia and Australia, creating a free-trade zone for about 40 percent of the world’s economy. It was intended to lower tariffs while setting rules for resolving trade disputes, setting patents and protecting intellectual property.
Trump sharply criticized the partnership agreement during his presidential campaign. The Obama administration negotiated the Pacific trade pact over the past eight years. Under legislation passed by Congress, the accord could not be amended once completed, nor could it be joined without congressional approval. Obama did not submit the partnership for approval.
The president’s withdrawal from the Asian-Pacific trade pact amounted to a reversal of decades of economic policy in which presidents of both parties have lowered trade barriers and expanded ties around the world.