Tuesday’s presidential election outcome created uncertainty for two unfinished trade deals and one existing trade pact that’s been in place since the 1992.
According to politico.com, President-elect Donald Trump’s administration could start to withdraw from NAFTA in his first 200 days in office.
Officials in Canada and Mexico are saying they are willing to negotiate the treaty, which Trump said “destroyed our country.”
Politico said a decision to back out of the Trans-Pacific Partnership could come sooner, within Trump’s first 100 days. TPP is unlikely to see any action during the lame duck session of Congress, but other countries are working to ratify the agreement.
Japan’s lower house of parliament voted in favor of TPP on Friday. The ruling party expects TTP will be signed into law Nov. 30, making Japan the first nation to ratify the trade pact. Later this week, the Japanese prime minister will meet with President-Elect Trump later this week.
TPP and NAFTA aren’t the only trade agreements that are in the news. The trade pact between the U.S. and the EU also faces an uncertain future.
On Friday, the EU’s trade commissioner said there would likely be a “pause” in talks on the
Transatlantic Trade and Investment Partnership (TTIP), that the U.S. and EU have been negotiating since 2013.