When asked if the United States’ withdrawal from the TPP free trade agreement will benefit the economy, Hoyer stated, "That remains to be seen."
On January 23, President Donald Trump signed an executive order withdrawing the United States from the TPP free trade agreement. The deal would have removed trade barriers among its signatories, which together account for 40 percent of the world's economy.
"[Trump] told the American people that is what he is going to do. He and Ms. Clinton said that they didn't like TTP as it was, and said they were going to work on that. And that's what he is doing," Hoyer said.
The TPP agreement between the United States and 11 other Pacific-Rim states was negotiated in unusual secrecy. Critics had voiced significant concern the trade deal would undermine standards and regulations on environmental protection, health and safety, as well as workers’ rights.
For his part, Trump has voiced the necessity to replace multilateral agreements by bilateral deals that would be more beneficial for the United States.