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Donald Trump says he will issue an executive action on his first day in office to withdraw from the Trans-Pacific Partnership.
In a video updating Americans on the White House transition, the President-elect described TPP as a "potential disaster for our country".
[...] Mr Trump said his administration instead intends to generate "fair, bilateral trade deals that bring jobs and industry back onto American shores".
Sky Correspondent Greg Milam said: "Donald Trump has been very critical of what trade deals have done for American workers and the damage that the North American Free Trade Agreement (NAFTA) did in the 1990s - particularly to low-income workers in the Midwest, who it turns out voted for Mr Trump in huge numbers."
Source: Sky News
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Donald Trump to Withdraw US from Trans-Pacific Partnership
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Life is to you a dashing and bold adventure.
(Score: 2, Insightful) by bob_super on Tuesday November 22 2016, @10:31PM
Obama closed Gitmo on day 1... Remember?
It is not impossible that someone might have noticed how the upcoming CEO of Trump Corp sat in on the president-elect's meeting with Abe-san. It is not impossible that people with vested interests will use the next two months to leverage any incentive they have on the various parties involved, in order to get a result that conforms to everyone's mutual interests. That may cause some policy changes or just unearth unexpected hurdles in the processing of a promise or another.
I'll just copy-paste that last paragraph a few times for reuse in the next 4 to 8 years...
(Score: 0) by Anonymous Coward on Tuesday November 22 2016, @10:45PM
Obama changed the presidential skin color on day one. And kept the same color throughout his presidency. Most honest politician ever.
(Score: 1) by muhgi on Tuesday November 22 2016, @10:46PM
As of this month, Gitmo is still open for business with 60 prisoners.
https://en.wikipedia.org/wiki/Guantanamo_Bay_detention_camp [wikipedia.org]
(Score: -1, Troll) by Anonymous Coward on Tuesday November 22 2016, @10:53PM
But if we let the prisoners out of gitmo, they'll assrape all our virgin sons!
(Score: 0) by Anonymous Coward on Tuesday November 22 2016, @11:44PM
It is hard to imagine that wall street would be celebrating this.
And yet the Dow hit an all time high today.
Something is fishy.
(Score: 4, Insightful) by quintessence on Wednesday November 23 2016, @12:15AM
The issue isn't so much the TPP, but how it was negotiated and a general distrust towards omnibus bills.
I've been listening to Ha-Joon Chang, and he has point with regards to using tariffs to allow for some industries to gain a footing before they are exposed to worldwide competition.
If we were to have another trade agreement, there is no reason why it can't be done piecemeal so the effects can be accounted for and adjusted, and not a handout to multinationals.
(Score: 0) by Anonymous Coward on Wednesday November 23 2016, @12:44AM
I'm afraid you miss the point. There is an argument to be made about the merits of piecemeal or omnibus trade agreements. Somewhat like the pros and cons of the line-item veto. But that's not what I'm talking about.
Clinton's support of the TPP was in large part because she was a creature of wallstreet. So the cancellation of the TPP ought to have demoralized wallstreet. Instead it energized wallstreet. They must think they know something we don't know. Maybe they are wrong and its just irrational exuberance. But still, it should give us pause.
(Score: 2) by quintessence on Wednesday November 23 2016, @01:01AM
Cancellation of the TPP doesn't mean further trade agreements are off the table. Losses in some sectors of the markets usually doesn't translate across the board, and there has been historically rallies before holidays.
Per
http://www.msn.com/en-us/money/markets/dow-closes-above-19000-as-stocks-reach-new-milestones/ar-AAkBpUT [msn.com]
there a numerous reasons to be bullish about Trump taking office. The US economy doesn't live or die based upon the TPP alone.
(Score: 0) by Anonymous Coward on Wednesday November 23 2016, @02:00AM
I think that's grasping at straws.
Trump's sales-pitch was that the TPP sacrificed main-street for wall-street. If these new, completely hypothetical future trade agreements are going to be so great for wall-street, then it seems unlikely they are going to be any better for main-street than the TPP was.
And pre-holiday rallies is a cop-out. The markets have been rallying ever since Trump won. Today was more of the same.
Wall-street loves Trump.
(Score: 2) by bob_super on Wednesday November 23 2016, @05:14PM
Wall Street loves deregulation, toothless EPA, compliant FCC, defunded SEC, understaffed CFPB, merger-friendly DoJ...
(Score: 2) by MostCynical on Wednesday November 23 2016, @12:27AM
"Investors" were going to "win" with, or without, TPP, TTIP, TC/IP or whatever. The game is still rigged, they just were trying to remove some legal hurdles (like, complying with laws of other countries.)
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 0) by Anonymous Coward on Wednesday November 23 2016, @04:09AM
You are seeing the end of a bubble. Before a bubble bursts it is always lollipops and sunshine and record highs. 0% interest rates and massive deficit spending can not go on and on. Trump will be the one stuck with the bill and then the blame. Like Bush was blamed for the pop of Clinton's bubble and Obama got Bush's. If he is not stuck with the bill he will kick the can down the road for the next president. Trumps tax plan is a massive shortage of income. Without equal slowdown of spending and removal of loopholes it will be worse for us. Expect all sorts of push back on slowing down *any* gov spending. So we will get lower taxes and higher deficits and new programs with no funding.