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President Trump Removes U.S. From TPP

President Donald Trump Monday followed through on a campaign promise by signing an executive order to remove the U.S. from the Trans-Pacific Partnership trade agreement. Trump also said he plans to begin renegotiating the North American Free Trade Agreement with Canada and Mexico. Agriculture groups demonstrated disappointment with the decision. American Soybean Association President Ron Moore said in a statement: “TPP held great promise for us.” Moore says ASA expects “to see a plan in place as soon as possible” to engage the 11 other TPP member nations on trade to “capture the value” lost from the withdrawal. American Farm Bureau President Zippy Duvall says it is critical the new administration “begins work immediately” to develop new markets for agriculture. National Cattlemen’s Beef Association President Tracy Brunner said: “Sparking a trade war with Canada, Mexico, and Asia will only lead to higher prices for American-produced beef in those markets.” Brunner called foreign trade one of the greatest success stories for U.S. beef. The American Feed Industry Association condemned the action, saying trade deals like TPP are key to setting the terms and rules for future trade relationships.

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