12 November 2016

News Story: Obama administration gives up on enacting Pacific trade deal

WASHINGTON, Nov. 11 (Xinhua) -- The Obama administration has given up all hope of enacting the controversial Trans-Pacific Partnership (TPP) trade deal, just days after a surprise victory of Republican presidential candidate Donald Trump in U.S. election, local media reported Friday.

Republican congressional leaders had made clear that they wouldn't consider the 12-nation Pacific trade deal in the remainder of President Barack Obama's term, the Wall Street Journal quoted U.S. officials as saying, as Trump had stood against the deal.

Trump had broken from the longstanding Republican orthodoxy in favor of free trade and embraced a protectionist trade stance throughout his presidential campaign, trying to appeal to angry and frustrated blue-collar voters who have seen manufacturing jobs lose in an increasing global economy.

Trump had vowed to renegotiate the North American Free Trade Agreement (NAFTA) and other existing major trade deals, and promised to never sign massive trade agreements like the TPP, which he said would "destroy" U.S. manufacturing, as part of an effort to restore American jobs.

Read the full story at Xinhua