Trans Pacific Partnership
On the first full weekday of his term, the President took America off of the Trans Pacific Partnership (TPP) agreement. In his inaugural address, Donald Trump professed an America First policy where the American worker will be protected as opposed to pursuing trade deals, which in critics’ eyes have exported jobs and deflated wages. Proponents generally say these deals have expanded companies and have in fact created jobs.
Many presidents in the past have campaigned on ending trade deals and then once president tend to gravitate towards the trade deals. This could possibly have an effect on some international tax clients as they will now have to maneuver around the fact that America is no longer a signor of the TPP.
While other trade deals are in effect, we expect there to be changes in the future for them as well. Stay tuned!