President Donald Trump on Monday signed an executive action to withdraw from the Trans-Pacific Partnership. That executive action tells Democrats and leaders around the world that Trump is taking action on his promises for the economy. Trump argued that the TPP was harmful to American workers and manufacturing. He said that the treaty puts small companies in some small country competing directly against companies in the U.S.
The TPP was negotiated under former President Barack Obama, in 2015 but Congress never ratified it. For more than two years, Obama's administration worked with 11 countries throughout the Pacific Rim to make a huge trade agreement creating a free trade zone from Canada to Viet-Nam. This was to be considered one of Obama’s legacies to the world. Trump made short work of dismantling the agreement. He promised this during his campaign and he delivered.
Trump promised he will make deals that will bring factories and jobs back to America. He already met with CEOs of major companies and promised to levy heavy tariffs on American companies working out of America. This can be even up to 30% which is a big incentive to bring business back to U.S. shores.
But Trump didn’t just use the “stick” he also used the “carrot”, asking CEOs and union leaders of leading industries what it would take to create more jobs. He plans on meeting these leaders on a monthly basis to help get the economy back on its feet.