Trump administration to withdraw from Trans-Pacific Partnership

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US President Donald Trump signs an executive order as Vice President Mike Pence and Chief of Staff Reince Priebus look on.

An announcement on the updated White House website also promises to withdraw from the Trans-Pacific Partnership trade pact signed a year ago by 14 countries, including Canada.

Some experts estimate 14million American jobs depend on trade with Canada and Mexico.

Most Japanese companies in Mexico are in the auto industry, including Nissan Motor Co., which rolls out the highest number of vehicles there among Japanese carmakers, Toyota Motor Corp. and Honda Motor Co.

There was dismay in ruling circles throughout the region, especially in Japan, where Prime Minister Shinzo Abe has banked on the TPP as a major pillar of his "Abenomics" program to end the country's prolonged stagnation.

Some critics have blamed NAFTA for decimating the manufacturing sector and leading to significant job losses in the country, factors that are seen as contributing to support for Trump when he first started slamming the deal.

However, the situation is quite severe.

Members of the Canada-United States Inter-Parliamentary Group are expected to gather in Washington sometime before spring for wide-ranging talks on issues important to both countries.

But Trump's proposals for steep import tariffs are so radical it's freaking out theU.S. business community and could lead to a showdown with Republican lawmakers whose backers depend on low cost access to foreign markets.

Oil prices edge up on tightening market
As such, the resurgence of oil production from different parts of the world will take the wind out of the sails of the OPEC deal. The data also showed much larger-than-expected builds in gasoline with inventories of the motor fuel on the U.S.

Canada will be buffeted by the secondary effects of US protectionism and the geopolitical turmoil that ensues.

In contrast, Toshiaki Tobita, chairman of the Hokkaido arm of the Central Union of Agricultural Cooperatives, sounded somewhat more welcoming about the United States move to withdraw from the TPP, crediting his organisation with waging a successful campaign to protect farming in the largely agrarian region.

"I don't think we're looking to rip up NAFTA as much as we are looking to right-size it and make it fairer", Scaramucci said, noting that the USA has lost about 70,000 factories since NAFTA was enacted.

The two will meet "soon", the White House said.

"So I think making sure that our relationship, our conversations with this new administration are really focused on that shared project of middle-class jobs, growth and prosperity, I think is going to lay the foundation for continued Canada-U.S. collaboration", she said, as quoted at Global News.

President Donald Trump's hair-raising inaugural address, from a pragmatic Canadian standpoint, was not surprising. "It is essential that Japan and the United States cooperate more closely and further contribute to a more prosperous world". President Trump will ensure that on his watch, trade policies will be implemented by and for the people, and will put America first.

"With tough and fair agreements, worldwide trade can be used to grow our economy, return millions of jobs to America's shores and revitalize our nation's suffering communities".

The content states that it is imperative for the United States to take a leadership position in regional trade.

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