(VOVworld)- US President Donald Trump’s tough trade policy is drawing international attention. Trump’s unilateral withdrawal from the Trans-Pacific Partnership Agreement has received varied reactions.
US President Donald Trump |
The Financial Times on Monday reported that protectionism will be at the heart of the US’s trade policy. According to the newspaper, Trump began to realize his trade protectionism policy by pulling the US from the Trans-Pacific Partnership and warned American businesses of bad consequences if they move their production out of the US.
Hungarian Prime Minister Viktor Orban praised the US President’s slogan of America First. Speaking at an economic conference on January 23, Orban said Trump’s policy paves the way for other countries to follow suit. He urged Europe to give up its ideas of multilateralism. Australia, a TPP member, said China and Indonesia can join the deal to replace the US. The same day, New Zealand Trade Minister Todd McClay said he held talks with some TPP members on the sidelines of the 47th World Economic Forum in Davos and they agreed to meet in the next few months to discuss ways to save the deal. New Zealand Prime Minister Bill English said New Zealand is considering “Plan B” for TPP and mentioned the possibility of China’s participation.
Parag Khama of the Center for Asia and Globalization at Singapore National University wrote that Mr. Trump’s decision was not surprising but his trade policies will undermine the benefits that the TPP could bring to the US. Deborah Elms, Executive Director of the Asian Trade Center called it sad news as it means the end of the US’s leadership role in global trade and hands the baton to Asia. Japanese economist Harumi Taguchi said that without TPP, Japan will aim toward the Regional Comprehensive Economic Partnership, the Japan-EU Economic Partnership, and the Japan-China- South Korea Free Trade Agreement.
The TPP was signed in Auckland, New Zealand in February, 2016 after more than 5 years of negotiations with the US withdrawn from the TPP, the agreement now involves 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.