US President-elect Donald Trump is vowing to pull out of the Trans-Pacific Partnership (TPP) in his first days in office.  The signatories to the TPP are twelve countries covering 40 percent of the world's economy, including Australia, New Zealand, Malaysia, Japan, Canada, and Mexico. 

"I've asked my transition team to develop a list of executive actions we can take on day one to restore our laws and bring back our jobs," Trump said in a video messageoutlining priorities for his first 100 days.  "On trade, I am going to issue our notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country," he said, "Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores."

It's not a terribly controversial move in the US, as the deal is unpopular and was even opposed by Trump's Democratic Party rival (and popular vote winner) Hillary Clinton.  But to supporters, it's a sign that Trump is surrendering American giving up on leading the world in in opening markets.

"Very depressing news.  It means the end of US leadership on trade and the passing of the baton to Asia," said Deborah Elms of the Asian Trade Center think tank.  "The most significant damage will be to the United States, which does not have alternatives in place.  Most of the remaining TPP members have 'Plan B' options they can pursue.  The US does not," Ms. Elms explained.

That much was telegraphed in a warning from outgoing US President Barack Obama:  "I think not moving forward would undermine our position across the region and our ability to shape the rules of global trade in a way that reflects our values and our interests," Mr. Obama told a reporters at the end of the APEC Summit in Lima, Peru.

Japanese Prime Minister Shinzo Abe believes that without the US on board, the TPP is meaningless and destined to come apart.  Ms. Elms says tanking the TPP will damage political and social stability in Asia.  "TPP members were counting on the agreement to help with domestic reforms and were gearing up for the substantial economic benefits that would flow from a deep and broad integration across 12 markets," she said.