January 26, 2017
The U.S. withdrawal from the Trans-Pacific Partnership became official this week. Some economists and analysts fear the move will negatively impact SoCal’s trade-dependent industries, while others believe the bilateral trade policies favored by President Donald Trump will benefit the logistics sector.
SoCal’s logistics sector employed 650,000 people last year. Thus, if the flow of goods from China, America’s largest trading partner, is disrupted, widespread implications will be felt from the ports of Long Beach and LA to industrial facilities across the region.
While the impact of pulling out of the Pacific Rim trade deal is unknown, trade leaders, such as the World Trade Center Los Angeles’ Stephen Cheung, believe it will allow others to shape future trade policy without U.S. involvement.
Trump’s action was largely symbolic. The 12-country partnership worked out by the Obama administration was never sent to Congress for ratification.
For comments, questions or concerns, please contact Dennis Kaiser