Trump pulls U.S. out of TPP, will renegotiate NAFTA 'at the appropriate time'

The new U.S. president made good on one of his campaign promises Monday, formally withdrawing the United States from the Trans-Pacific Partnership free-trade deal, and signalling his intention to renegotiate NAFTA "at the appropriate time."

Calling the move "great news for American workers," Donald Trump signed an executive order pulling the U.S. out of TPP, a pan-oceanic trade pact signed by his predecessor but never ratified.

The 12-nation trade deal had been a target of his wrath on the campaign trail. "We are going to stop the ridiculous trade deals that have taken everybody out of our country and taking companies out of our country," Trump said after signing the order.
Prominent Republican — and frequent Trump critic — Senator John McCain of Arizona was quick to criticize the decision, releasing a statement calling it a "serious mistake."
"This decision will forfeit the opportunity to promote American exports, reduce trade barriers, open new markets and protect American invention and innovation," McCain said. "It will create an opening for China to rewrite the economic rules of the road."