The Trans-Pacific Partnership trade agreement has been revised and has plans to move forward without the United States, Canada’s Prime Minister announced Tuesday.
In January, 2017, President Donald Trump signed an executive order to pull the U.S. out of the trade deal, which was negotiated by former President Barack Obama, but not ratified by Congress, according to Business Insider.
During his campaign, Trump promised to “rip up” all existing free trade agreements and “make really good ones” if he became president, The Hill reported.
“The Trans-Pacific Partnership is another disaster done and pushed by special interests who want to rape our country, just a continuing rape of our country,” he said, according to NBC News.
MSNBC’s business correspondent Ali Velshi told NBC that the TPP’s goal was to maintain U.S. trade dominance in Asia, but “it just hasn’t worked. That’s the problem.”
“The TPP’s 5,000+ pages actually had very little to do with trade,” campaign director of Fight for the Future Evan Greer said. “Instead, corporations tried to turn it into a wish list for policies that they knew would never pass through Congress.”
According to the Harvard Business Review, the deal didn’t have any economic gain for the U.S., so Obama had to “sell the deal by claiming it would prevent China from writing the rules of trade for the future.”
This claim was false because China had already begun negotiations with the other countries involved in the TPP.
Even Bernie Sanders was glad the TPP “is dead and gone.”
After Trump backed out from the bad deal, citing that it was a “great thing for the American worker,” Canada decided to go forward on its own.
Canadian Prime Minister Justin Trudeau announced that the remaining eleven countries in the deal finished talks in Tokyo to create a “new Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” which will hopefully be signed in early March, according to The Hill.
Trudeau said that he would make a deal that would only be in Canada’s best interests.
“To that end, Canada has been working very hard on the new CPTPP, from spearheading the first meetings of officials in 2017 to proposing several suspensions and changes to secure better terms for Canadians throughout this burgeoning region.”
Trudeau added that Canada showed it “can and will work hard to set the terms of trade so the middle class can compete and win on the world stage,” according to The Hill.
The other countries involved in the agreement are Canada, Mexico, Japan, Australia, New Zealand, Chile, Peru, Malaysia, Singapore, Vietnam and Brunei.
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