United States

Shortly after Donald Trump made good on one of his core campaign promises on Monday morning by signing an executive order formally withdrawing the U.S. from the Trans-Pacific Partnership free-trade deal, Trump told labor union leaders that he would renegotiate the North American Free Trade Agreement "at the appropriate time."

The remarks came at the start of a meeting at the White House with leaders of construction, carpenters, plumbers and sheet metal unions, during which Trump pledged to stop trade deals that harmed American workers. 

As JPM writes in its intraday update, the "Trump/Ryan enthusiasm is starting to quietly fade as investors appreciate the enormous logistical and mathematical hurdles associated w/realization of their agenda. The nature of the Trump White House is such that investors should get used to avalanches of headlines, tweets, etc.

The US President and the Israeli Prime Minister have agreed to consult closely on Middle East issues, including tackling the ‘Iranian threat’.

In a much anticipated speech, Mexican President Enrique Pena Nieto warned that "Mexico is obliged to take steps to defend itself given the new vision in U.S.," reaffirming Mexico "as a nation open to the world on trade." The peso is leaking lower as he speaks, erasing post-inauguration gains.

Further headlines include:

As we previewed and was widely expected, President Trump has just signed 3 executive orders: one officially withdrawing the US from the Trans Pacific Partnership, a second one instituting a federal hiring freeze except for the military, and a 3rd executive order limiting abortion funding overseas.

Pres Trump signs 3 Exec Orders including federal hiring freeze "except for the military" and withdrawing US from Trans-Pacific Partnership. pic.twitter.com/XYxMFi8QDj