Trans-Pacific Partnership has hit the bottom line after US President Donald Trump officially withdrew from the Accord. The deal was majorly drafted to counter the Chinese Influence in the Asia-Pacific region and the US wanted to stand firm by the Asian allies. The deal was heavily backed by the US Business Firms at that time. The Trans-Pacific Partnership did not come into force as many countries are yet to ratify the deal.
However, the question is how it would help the United States and would it impact the Asian Economies.
US said that many manufacturing companies are going out of the company and many others are coming into the US. In order to put forward the America First policy, Donald Trump decided to withdraw from Trans-Pacific Partnership. The President has also met the industry leaders and ensured to convey a stern message to them. Border Tax has been discussed so that US Companies manufacture in the country. Heavy reduction in Corporate Tax has also been discussed. It may give some results to US people for short term, but overall the US Businesses stand to lose a lot in the Asia-Pacific region. The US Market is already in saturation and the business world wants to tap the potential of the Asian economy, but Mr. Trump and his think tank thought otherwise. The first reaction of it can be understood with Australia. Australia has in fact mentioned to welcome China on the TPP to fill the vacuum created by the US. Well, that is what the US was fighting against with Trans-Pacific Partnership.
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China was facing slowdown and TPP was a threat to the Communist country. However, as the US has backed out, it is highly probable that China would muscle towards agreement with the other countries. It is constantly trying to make Free Trade Agreement with other countries. However, Japan may not support the cause, considering the relation between the two countries, but Chinese impact can re-surge as the US backed out.