The TPP was a major plank of former U.S. President Barack Obama’s strategy in Asia.
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U.S. President Donald Trump's decision to pull out of the Trans-Pacific Partnership, as promised, is prompting other member countries to seek ways to salvage the trade pact.Australian Prime Minister Malcolm Turnbull said Tuesday he had discussed the pact's future recently with the prime ministers of Japan, Singapore and New Zealand, all TPP members, and believed the pact could survive without the U.S.Trump says he favors one-on-one agreements with other nations rather than multinational pacts like the TPP, which would have included markets comprising 40 percent of world GDP and was eventually meant to be the foundation for a wider pan-Pacific trading bloc.In its current form, the TPP can only take effect after it is ratified by six countries that account for 85 percent of its members' combined gross domestic product. The U.S. made up 60 percent of the TPP's combined GDP, so it could not be implemented as it stands now.Though he didn't suggest Trump himself would reverse his position, Turnbull did say the U.S. eventually might. English showed little enthusiasm for the sort of "one-on-one" bilateral trade deal with the U.S. that Trump said he prefers.
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