President Donald Trump has signed an executive order formally withdrawing the US from the Trans-Pacific Partnership (TPP) trade deal. Following through on a promise from his presidential campaign, Trump’s withdrawal from the 12-nation Pacific trade agreement was announced on Monday. The president vowed during the campaign to withdraw the US from the TPP, which he argued was harmful to American workers and manufacturing.
Via Artemis Capital Management,
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’.