President Trump wasted no time in fulfilling one of his campaign promises – to withdraw the United States from the Trans-Pacific Partnership (TPP), the twelve nation trade accord signed almost a year ago.
The move not only signals a step back from Obama’s “Asia pivot” but removes opportunities for recyclers to capture new opportunities had the agreement lowered tariffs and reduced cumbersome import processing. Trump has also arranged meetings with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto, both of whom expressed openness to renegotiating the 22 year old North American Free Trade Agreement (NAFTA). The specific implications for our members are so far unknown but there is a risk that the physical movement of scrap between the three countries (especially between the U.S. and Mexico) will become more challenging. And UK Prime Minister Theresa May will visit the White House to explore options for deepening the “special” US-UK relationship, including a future bilateral trade agreement that could potentially grow trade between the two countries. We are tracking closely President Trump’s emerging trade policy; for more information, please contact Adina Renee Adler