President-elect Donald Trump says he will follow through on his campaign promise to withdraw the U.S. from the TPP trade agreement.
“I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country,” Trump said in a video statement. “Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores.”
Meanwhile, a global trade analyst says withdrawal from TPP will hurt U.S. beef exports to Japan more than it hurts the pork industry.
“In the beef industry, Australia already has an FTA with Japan that’s pulling their beef import duties down—that the U.S. doesn’t have,” says Brett Stuart, CEO of Global AgriTrends. “For the pork industry, honestly, I don’t see it being a major negative shift to the U.S. pork market share in Japan.”
Critics of Trump’s move say it opens the way for China to broaden its regional influence. A Chinese foreign ministry spokesman has confirmed that Asian leaders are pressing ahead with talks for a regional partnership that China has backed as an alternative to TPP.