US President Donald Trump during his inauguration speech last week
US President Donald Trump on Monday signed an executive order that will put in motion the renegotiation of the North America Free Trade Agreement (NAFTA).
President Trump is also expected to sign an executive order announcing his intention to withdraw from the Trans-Pacific Partnership (TPP), a trade agreement among 11 other Pacific Rim countries.
He will simultaneously move to commence trade negotiations with the parties of TPP individually. This means the Trump administration will seek one-on-one deals with the other countries involved in TPP, though Mexico and Canada already have a trade deal with the US through NAFTA.
The team expected to lead the negotiations include Wilbur Ross, Trump’s pick for secretary of Commerce and head of the newly formed White House Trade Council, long-time China critic Peter Navarro, and US Trade Representative Robert Lighthizer.
Trump to sign executive order to renegotiate NAFTA and intent to leave TPP (CNBC)
Pic: New York Times