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Trump signals US exit from TPP

NZ NewswireNZ Newswire 21/11/2016
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US President-elect Donald Trump is vowing to withdraw the US from the Trans-Pacific Partnership trade deal on his first day in office.

In a video detailing what steps he'll take when he assumes the presidency on January 20, he said the involvement of the US in the 12-nation deal, which includes New Zealand, will be one of the first things he tackles.

Trump also says he'll issue a rule cutting government regulations, direct the Labor Department to investigate abuses of visa programs, and cancel some restrictions on energy production, including shale oil and gas and coal.

Trump campaigned on ditching the TPP, which has yet to be passed by Congress, and Prime Minister John Key said at the APEC summit in Peru at the weekend that he hoped the incoming president would stick with the agreement but was prepared if that wasn't the case.

"We hope he's part of the programme, but if he's not, we're going to carry on doing this," he said.

"In the end if the US is not there, that void has to be filled. And it'll be filled with China."

While he wanted the US to be part of the TPP, New Zealand would still get about two-thirds of the $NZ3 billion in benefits of the agreement if the super power pulled out, because of gains with Japan and Mexico.

The partner nations are New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Vietnam.

Parliament last week passed the bill that allows the government to ratify the agreement which covers 40 per cent of global trade and 800 million people.

Partner countries signed it in February but it still has to be ratified by all of them.

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