Trump's plan to ditch the Trans-Pacific Partnership may inflict some near-term pain but window for trade in Asia Pacific is still open. Jeanne Yurman reports.
As part of a two and a half minute video posted on YouTube Monday Donald Trump all but drove a stake through the heart of the Trans-Pacific Partnership or TPP. (SOUNDBITE) UNITED STATES PRESIDENT-ELECT DONALD TRUMP, (ENGLISH) SAYING: "I'm going to issue a notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country. Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores." TPP, made up of 12 nations, aims to cut trade barriers in some of Asia's fastest growing economies. It has been a decade in the making and was seen as key to extending America's trade influence in the region. Without it, the fear is that playing field won't be even and U.S. firms and their products will be at risk of being shut out. The fallout could impact U.S. companies with extensive business in Asia, ranging from tech to consumer goods, and, especially, U.S. agricultural exports. China is expected to now assume leadership on trade in the Asia Pacific. No TPP means an immediate loss of credibility in Asia, says Nicholas Consonery of FTI Consulting. But many countries in the region, he says, still want to see a strong U.S. presence both strategically and economically. (SOUNDBITE) NICHOLAS CONSONERY, NICK CONSONERY, SENIOR DIRECTOR, FTI CONSULTING, (ENGLISH) SAYING: "To the extent to which, you know, President-elect Trump is genuine in his commitment to striking better trade deals, I still think, the window is going to be open for the U.S to come back to the table." In the wake of Trump's video, the post-election rally continued with all three major indexes hitting record highs, the Dow topping 19,000 for the first time.