Once the United States officially has an orange president come January when President-elect Donald Trump takes office, the Trans-Pacific Partnership (TPP) is officially and effectively done for.
During his election campaign, Trump took a strongly protectionist stance on trade, labelling the TPP — championed by both President Barack Obama and Prime Minister Lee Hsien Loong — a “disaster”. With Trump’s inauguration in January, the TPP doesn’t stand a chance at all coming up for vote in Washington.
PM Lee expressed his disappointment that the partnership will not be ratified, TODAY reports. Speaking to journalists at the end of his leaders’ retreat in Semarang, Indonesia, the prime minister hopes for a practical solution, knowing full well that Trump “had no sympathy for the TPP at all”.
A Ministry of Trade and Industry spokesperson had also informed TODAY that Singapore will continue to work with the US and other TPP parties to realise the benefits of the agreement. US allies such as Japan, South Korea, Taiwan and Singapore had been counted as the biggest winners of an open trade regime recognised by the deal.
With the US planning to pull out of the TPP, China will emerge as the winner, as it will push countries into dealing more intimately with Beijing — therefore increasing China’s influence in Asia.
Later this week, PM Lee will be meeting President Obama and other leaders of nations in favour of the TPP in Peru for the Apec summit to discuss the situation.
In a recent news conference at the White House, President Obama noted that Trump will be in for a shock when he confronts the realities of his job as President in January.
“There are going to be certain elements of his temperament that will not serve him well, unless he recognizes them and corrects them,” Obama said, as reported by Reuters.
