Donald Trump announced he would withdraw from the TPP.

Donald Trump announced that his first action as president would be to withdraw from the Trans-Pacific Partnership (TPP) agreement.

In a video released by the White House transition team, Trump described the TPP as a “potential disaster for the country,” Sky News reported.

US President-elect Donald Trump

The TPP was designed to remove trade barriers and tariffs between the United States and a range of Pacific Rim countries including Australia, New Zealand, Japan, Malaysia, Chile, Vietnam, and others.

Trump said his administration instead intended to create “fair, bilateral trade agreements that bring jobs and bring industry back to American shores.”

The announcement by the US President-elect came a few days after his meeting with Japanese Prime Minister Shinzo Abe at Trump Tower in New York.

An hour before Trump confirmed his intention to withdraw from the TPP, Abe said that the TPP would be “meaningless” without the United States.

Trump's statement is also likely to disappoint current President Barack Obama, who is urging the U.S. to reaffirm its commitment to the trade agreement.

According to Vietnamnet.vn