President-elect Donald Trump says he wants to pull out of the Trans-Pacific Partnership but other Pacific Rim leaders are vowing to push market-opening efforts they say are vital for growth.
The possible decline of the 12-nation TPP could give a boost to alternative initiatives including one promoted by China in which the US is not taking part. Trump’s message, in a brief video, was issued after President Barack Obama and other leaders of the Asia-Pacific Economic Cooperation group, meeting in Peru, called for fighting the backlash against trade highlighted by Trump’s victory and Britain’s vote to leave the European Union.
Promoters of the TPP say it is a step toward building a wider, pan-Pacific free trade zone, though critics object it would shift too much control over regulation to companies from governments and the public.