Trump initiates withdrawal from Trans-Pacific Partnership

President Donald Trump has signed an executive order to withdraw from the Trans-Pacific Partnership (TPP).

Censor.NET reports citing BBC.

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During his presidential campaign, Trump criticized the accord as a "potential disaster for our country", arguing it harmed American manufacturing. According to him, the U.S. will benefit more from striking bilateral trade agreements capable of bringing industry and jobs back to the country.

After meeting business leaders earlier at the White House, Trump pledged to lower corporate taxes to 15 percent or 20 percent, from the current 35 percent, and slash regulations by up to 75 percent if they keep jobs in the U.S.

He promised very high taxes on the border against those companies that will still decide to withdraw industry from the United States.

The Trans-Pacific Partnership (TTP) is a trade deal negotiated in 2015 by nations including the U.S., Japan, Malaysia, Australia, New Zealand, Canada and Mexico.

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The deal covers 40 percent of the world's economy.

TPP's stated aim was to strengthen economic ties and boost growth, including by reducing tariffs. The agreement, backed heavily by U.S. business and former President Barack Obama, was designed to potentially create a new single market likened to the EU.