Trump’s Withdrawal from TPP Agreement: What Does it Mean for the Food Industry?
Earlier this week, newly elected President Donald Trump carried out one of his campaign promises by formally withdrawing the U.S. from the Trans-Pacific Partnership (TPP)--a deal that took 7 years to negotiate under former President Barack Obama. Although Trump did initiate the process of cutting ties with the TPP, the move must still be approved by Congress.
Besides the U.S., the TPP included Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The partnership deal was meant to greatly reduce tariffs for American imports and exports with those countries in exchange various protections--environmental, labor and intellectual property--that are often sought by major businesses.