Here are five things to know.
1. Barack Obama’s administration backed the trade agreement to strengthen economic ties with Asian nations. Both President Trump and former Democratic presidential nominee Hillary Clinton criticized the agreement on the campaign trail.
2. Many pro-business groups and Republican politicians supported the deal, although it was never officially ratified by Congress, according to the report.
3. Sen. John McCain (R-Ariz.) said President Trump’s move was “a serious mistake that will have lasting consequences for America’s economy and our strategic position in the Asia-Pacific region,” according to a statement on his website.
4. Sen. Bernie Sanders (I-Vt.) commended the withdrawal, saying the deal was harmful for American workers.
“I am glad the Trans-Pacific Partnership is dead and gone. For the last 30 years, we have had a series of trade deals — including the North American Free Trade Agreement, permanent normal trade relations with China and others — which have cost us millions of decent-paying jobs and caused a ‘race to the bottom’ which has lowered wages for American workers, ” he said in a statement.
5. President Trump’s team said he will soon take executive action to renegotiate the North American Free Trade Agreement, which is a trade agreement between the U.S., Canada and Mexico, reports NBC News.
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