The Progressive Policy Institute issued the following statement in response to President Trump’s decision to withdraw the United States from the Trans-Pacific Partnership (TPP):
In announcing his decision today to withdraw from the TPP, President Trump claimed that this step was a “great thing.” We strongly disagree. The President’s hasty action on the TPP is bad news for American businesses and workers, for the American economy, and for America’s global influence.
Abandoning the TPP is hardly good news for American exporters and their workers. The TPP would have slashed thousands of high foreign duties and other serious trade barriers, making it significantly easier to sell ‘Made in America’ goods and services to a rapidly growing Asia-Pacific middle class.
Withdrawing from the TPP isn’t good news for hundreds of thousands of American small business exporters, who would have boosted their exports under TPP rules that would “democratize” trade—making it easier for them to connect with customers, make sales, and deliver their goods and services.
Walking out of the TPP is bad news for the digital economy and the future of global commerce. The President’s order risks the loss of years of American-led progress in writing strong rules for digital trade, which is vital to all types of American business and is an area in which America is a global leader.
Cutting and running from our TPP allies is, perhaps most significantly, very bad news for America’s influence in the Asia-Pacific region.
Under the TPP, the United States was a leader in setting strong rules that reflect American values on such key issues as environmental protection, labor rights, and intellectual property protection. Equally important, our Asia-Pacific allies saw America’s participation in the TPP as tangible evidence of our strong geopolitical commitment to their region.
The President’s action raises the risk that countries like China—which often don’t share our values or interests—will now have much greater influence in this vital region.
For America to grow, support good jobs, and generate more broadly shared prosperity, we must expand our trade and enhance our global connections. Walking away from the TPP will do neither.