International Business & Economy Trump deals fatal death blow to TPP - Promises to quit trade...

Trump deals fatal death blow to TPP – Promises to quit trade deal on day one of presidency




- Advertisement -

The American President-Elect Donald Trump, in a televised national address, has dealt a death blow to the Trans-Pacific Partnership (TPP). He said that he was going to issue a note of intent to withdraw from the Trans-Pacific Partnership trade deal, calling it “a potential disaster for our country”. Instead he said he would “negotiate fair bilateral trade deals that bring jobs and industry back”.
[fvplayer src=””]
Trump’s announcement has dealt a certain death blow to the hopes of several APEC leaders who had expressed hopes that Trump would revisit his tough rhetoric against the trade pace in the lead up to the American elections.

Prime Minister Lee Hsien Loong had earlier said that his government will ratify the Trans-Pacific Partnership (TPP) early next year to maintain momentum on the pact and demonstrate that TPP benefits all 12 member countries – including the United States of America (US).

PM Lee is not alone with this view. Mexico’s Economy Minister Ildefonso Guajardo had earlier expressed similar views. “We determined that our countries will press ahead with this agreement independently of what Washington decides,” he said.

Besides Singapore and Mexico, Japan, Australia, Malaysia and New Zealand, have indicated that they will continue with the TPP with or without the US. The trade pact can technically come into force if at least six countries, which between them represent at least 85 percent of the total GDP of the original 12, have ratified it within two years.

- Advertisement -

With Trump’s promise to withdraw the US from the trade agreement on his first day of office, the requirement for  ’85 percent of total GDP of the original 12′ is unlikely to be fulfilled – effectively dashing all hopes that some of the member countries can maintain momentum on TPP to revive it.

At the recently concluded APEC Summit, PM Lee was hopeful that the incoming Trump administration will not totally write-off the trade pact, but give it due consideration.

“We had come so far, and we hoped we only had a little way more to go. But we find ourselves facing a twist in the road. I share President Obama’s hope that after the new administration has settled in, deliberated on the matter, and taken advice, it will in due course take a considered decision.” – Lee Hsien Loong

Send in your scoop to 

- Advertisement -

2 teens arrested in connection with jewellery theft

A pair of teenagers were arrested on Monday (22 Feb), in connection with a jewellery theft from a store in Woodlands. Both the teenagers are 17 years old. The Singapore Police Force (SPF) confirmed that they received a report around 5.45pm on...

Woman says her housekeeper mum encounters “thoughtless” guests who trash hotel rooms

The daughter of a hotel housekeeper took to social media to urge people to be more considerate when they check into a hotel. She shared some of her mother's bad experiences with "thoughtless" and inconsiderate hotel guests. In a Facebook post on...

Almost 8 out of 10 vote PN can’t survive GE 15 without UMNO

Almost eight out of 10 respondents on a Twitter survey voted that Bersatu will not survive GE-15 without UMNO, according to BFM radio survey held this morning (22/2/2021) during its Morning Run programme. Of the 206 voters (respondents) in the final countdown,...

Send in your scoop to