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Benefit to US Economy From TPP Trade Deal Exit ‘Remains to Be Seen’

© AFP 2021 / Nicholas KammPeople hold signs as they demonstrate against the Trans-Pacific Partnership (TPP) trade agreement in Washington, DC, on November 14, 2016
People hold signs as they demonstrate against the Trans-Pacific Partnership (TPP) trade agreement in Washington, DC, on November 14, 2016 - Sputnik International
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US House of Representatives Democratic Whip Steny Hoyer stated that benefits for US economy from the United States’ withdrawal from the TPP "remains to be seen."

Demonstrators protest against the legislation to give US President Barack Obama fast-track authority to advance trade deals, including the Trans-Pacific Partnership (TPP) - Sputnik International
Withdrawal From TPP Puts Washington's 'Reliability Into Question'
WASHINGTON (Sputnik) — Any potential gains for the US economy as a result of Washington’s withdrawal from the Trans-Pacific Partnership (TPP) trade deal are yet to materialize, US House of Representatives Democratic Whip Steny Hoyer told Sputnik on Tuesday.

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.

Pump jacks are seen on the Bakken Shale Formation, near Williston, North Dakota, on September 6, 2016 - Sputnik International
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During the 2016 presidential campaign, Trump repeatedly criticized the TPP deal and vowed to reject it if elected president. Trump’s opponent Hilary Clinton also opposed the trade agreement that was championed by former President and fellow Democrat Barack Obama.

"[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.

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