US pulling out of the Trans-Pacific Partnership trade deal pave the way for how it views multilateral trade deals, opting instead of bilateral trade deals giving comfort and personal terms (BBC News, 2017). The TPP partnership is 12 member country collaboration for trade deals with specific tariff elimination and special favours for specific industries. These deals are the heart of capitalism and globalization, but a now protectionist Trump has pulled out of the deal, declining access to the 12 nations to enter the US market for a bargain. The US is also vary of China’s dumping of counterfeit products in the US by the millions and has voiced his concerns over it, motivated to introduce a high import tariff on Chinese goods (Soergel, 2017). These decisions reverberate over many other nations who are also on the brink of launching themselves into a protectionism mode of governance. The US and Brexit gives them more reason to believe in individuality, even of the nation, and gradual prosperity instead of quick success and being dependent on others and keep doors open for ‘risk externalities’ to come over.
Global economy is the first and the most impacted in such decisions, as all anticipated success or business decisions goes haywire and fails to fructify. The future of the global economy is clearly dependent on the streamlined relationships between sovereign nations and their willingness to work together to eliminate poverty and build nations (Brett, 2009). However, when protectionism influences their decisions, they are most varying of any such decision that impacts the lives of their citizens, their culture, their social structures and way of life. Thus, global economy would have to brace up for consistent uncertainty for a while until a new era of a stable world order comes into being.
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