US President Donald Trump's decision to pull out of the Trans-Pacific Partnership (TPP) trade deal will inevitably put a similar deal with the European Union on hold, but Trump will still go ahead and broker other trade deals that continue to favor US multinationals, Sputnik has been told.
Trump signed a presidential memorandum withdrawing from the TPP trade deal — with Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru — within hours of his first full day in office.
It was a mark of his presidential campaign that he would favor home workers and discriminate against cheap labor being used to manufacture goods imported into the US — even by US owned companies.
However, campaign groups say he will now embark on a series of deals with individual countries — the UK likely being the first — which will still favor US interests over others.
"TPP was a bad deal, that would have pushed a corporate deregulatory agenda in all the countries involved, not just the US. However, without a commitment to a fair trade policy that supports decent jobs, wages and public services, protects the environment, climate and health, and is developed democratically and transparently, we will just get more and more toxic trade deals," Jean Blaylock, policy officer at Global Justice Now told Sputnik.
"Trump's naked appeal to nationalist sentiment in his inaugural speech reinforces his view that trade is a matter of win or lose, not of mutual exchange and benefit. He only cares that the US and US companies should win, at the rest of the world's expense. The similar rise of nationalism and insularity in the UK and elsewhere in the world paints a future of ever more cutthroat trade deals that benefit corporations at the expense of people and the environment everywhere," she said.
It is possible that we have a multilevel internal war inside and outside the US between the big capital on the context of these international agreements and Trump is being used in this war.