TPP downfall will hit Australian sugar
US President-Elect, Donald Trump, has announced America will leave the Trans-Pacific Partnership (TPP) on day one of his presidency.
As part of a video released yesterday by Trump, he described the TPP as a “potential disaster” for the USA.
Instead of America being a part of the TPP, Trump said he will negotiate “fair and bilateral trade deals which bring jobs and industry back on American shores.”
One of the bilateral trade deals currently being discussed will be with the United Kingdom.
Multiple times throughout his election campaign, Trump said America would be leaving the TPP if he was elected.
The TPP international fair trade agreement, between 12 countries, including Australia, was finalised in October 2015 after negotiations began in 2010.
One of the sticking points of TPP involving Australia was Australia’s access to the US’ large sugar market, with the Australian sugar industry pushing hard to export more Australian sugar into America.
The outcome of those negotiations of the proposed TPP was that Australia would have been allowed to export an extra 65, 000 tonnes of sugar into the US annually.