Trump promises to pull out of TPP: VIDEO

President-elect Donald Trump is vowing to immediately begin the process of pulling the U.S. out of the Trans-Pacific Partnership once he becomes president.

In a YouTube video released Monday night, the President-elect says he will issue a notification of intent to withdraw from the agreement on his first day in power, a move many believe would kill the deal.

Indeed, as Luis Andres Henao of The Associated Press reports, Japan’s prime minister said Monday that the Trans-Pacific Partnership trade deal would be “meaningless” without U.S. participation. Shinzo Abe’s comment came shortly before the Trump released his short video about his plans for his administration.

In the video, Trump says, “I am going to issue a notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country. Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores.”

Background

The TPP is intended to open up trade among 12 countries that encompass nearly 40% of the world’s GDP, including Canada.

Trump, who has repeatedly criticized the TPP as “a potential disaster'” for America, did not mention NAFTA, which he has promised to renegotiate.

His message was issued after U.S. President Barack Obama, Prime Minister Justin Trudeau and other APEC leaders met in Peru, where they issued a call to fight the backlash against global trade.

The Canadian government says it believes in free trade but has opted to open the TPP up to widespread consultations prior to making a decision.

The House of Commons trade committee is also studying the deal.

In September, a federal study predicted Canada would generate more than $4 billion in long-term GDP gains if it joined the TPP, but stands to take a $5 billion loss if it opts out.

The analysis, conducted by the Office of the Chief Economist at Global Affairs Canada, assessed the impact of the TPP on Canada and other countries that tentatively signed on to the trade deal in October 2015.

Staff, with files from The Associated Press

The Associated Press is an American not-for-profit news agency headquartered in New York City.