Trump's TPP withdrawal: 5 things to know - CNNPolitics.com - 0 views
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Donald Trump has begun carrying out his campaign pledges to undo America's trade ties -- starting Monday with executive action to pull the United States out of the Trans-Pacific Partnership.
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Trans-Pacific Partnership -- a 12-nation deal that had been negotiated under former President Barack Obama.
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is in position to reverse decades of American presidents pushing for lower trade barriers and an interconnected global economy.
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through his negotiating prowess, force of will and willingness to walk away from the table, he can convince other countries to accept terms that previous presidents -- from George H.W. Bush and Bill Clinton on NAFTA to Barack Obama on the TPP -- have not been able to achieve.
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TPP -- which has also included Canada, Mexico, Japan, Australia, New Zealand, Chile, Peru, Malaysia, Singapore, Vietnam and Brunei -- would have slashed tariffs for American imports and exports with those countries.
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Sen. Bernie Sanders -- a leading Trump critic -- praised it, saying he is "glad the Trans-Pacific Partnership is dead and gone."
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"Now is the time to develop a new trade policy that helps working families, not just multi-national corporations," Sanders said in a statement. "If President Trump is serious about a new policy to help American workers then I would be delighted to work with him."
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Republicans have long supported free trade -- and now find themselves torn between a protectionist President and a business community that sees Trump's position as detached from the reality that new technology, rising wages and an increasingly interconnected world mean that many manufacturing and low-skill jobs won't return to the United States;
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"I don't see any benefit in trying to crawl back into our shell as a country," Senate Majority Whip John Cornyn, R-Texas, told CNN.
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United States is foregoing by turning down what would have been a deal including countries that make up 40% of the global economy
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Businesses will also lose access to potential new markets, though. US automakers hoped to see tariffs slashed in Asia. Farmers were set to see the removal of trade taxes that currently prevent them from selling products
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from Google to cell phone providers, sought to lessen regulations and gain entry into some of the countries involved in the deal.
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"This decision will forfeit the opportunity to promote American exports, reduce trade barriers, open new markets, and protect American invention and innovation," Arizona Sen. John McCain
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"We must remain committed to promoting free trade and investment through opening up and say no to protectionism," Chinese President Xi Jinping
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Obama had pitched the TPP as a way to counter China's growing influence by imposing US-backed labor, environmental and patent protections.
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the United States' withdrawal could mean a major rewrite, or an opening for another global superpower to pursue an alternative agreement.