TPP is Officially Dead
On January 30, the Office of the U.S. Trade Representative (USTR) officially withdrew from the Trans-Pacific Partnership (TPP) Free Trade Agreement, a proposed FTA between the U.S. and 11 other countries, including Vietnam and Japan. The formal withdrawal came after President Trump fulfilled his campaign promise to withdraw from the TPP during his first full day in office. If TPP had been implemented, travel goods from Vietnam and all other TPP countries would have been able to enter the U.S. duty-free under very flexible rules of origin. In its stead, key Trump officials have proposed beginning aggressive negotiations towards bilateral FTAs with certain countries. Please note that TPP took over five years to negotiate.