Trump administration formally withdraws from Asia-Pacific trade deal

A top U.S. trade official on Monday formally withdrew from a sweeping Asia-Pacific trade agreement with 11 other nations. 

Acting U.S. Trade Representative Maria Pagan asked New Zealand in a letter to notify the 10 other nations in the agreement that the United States “does not intend to become a party” to the 12-nation Trans-Pacific Partnership (TPP) and has “no legal obligations arising from its signature on February 4, 2016.”

A week ago, President Trump signed an executive order withdrawing the United States from the far-reaching TPP agreement to mixed reviews on Capitol Hill and throughout the business community. 

{mosads}”The United States remains committed to taking measures designed to promote more efficient markets and higher levels of economic growth, both in our country and around the world,” the letter said.

“We look forward to further discussions as to how to achieve these goals,” Pagan wrote.

Over the weekend, Trump and Japanese Prime Minister Shinzo Abe said they are open to a bilateral trade agreement between their respective countries, two of the world’s largest economies. The two leaders are set to meet on Feb. 10 in Washington.