FDRA Call This Wednesday on U.S. Withdrawal from TPP
Important Call Wednesday, January 25th at 1:00 p.m. EST

This call is for FDRA Members Only
President Donald Trump signed an executive order today that officially withdraws the U.S. from the Trans-Pacific Partnership (TPP), following through on his campaign promise. TPP was a significant opportunity for the footwear industry that would have saved footwear companies and consumers more than $6 billion over ten years. We will hold a call with FDRA Members this Wednesday, January 25th, at 1:00 p.m. EST to discuss the TPP withdrawal and the prospects of moving forward on U.S. bilateral agreements with TPP nations. We will also cover the administration's position on NAFTA, new tariffs, and the House Republican proposal for a border adjustment tax.  
FDRA Statement on TPP Withdrawal Today
(Washington, DC) Matt Priest, President and CEO of the footwear industry's trade association Footwear Distributors and Retailers of America (FDRA), issued the following statement today after President Trump signed an executive order withdrawing the United States from the Trans-Pacific Partnership (TPP):

"While not a surprise, we are extremely disappointed that the U.S. has withdrawn from the Trans-Pacific Partnership (TPP) because of the significant lost opportunity for American footwear consumers and businesses.  This 12-nation agreement involved key markets for the U.S. footwear industry, including Vietnam and Japan, and would have saved U.S. footwear companies and consumers more than half a billion dollars a year.  FDRA will continue to support efforts for U.S. bilateral free trade agreements with these nations, and we stand ready to work with the President on trade agreements that will deliver real value for American footwear consumers and strengthen U.S. footwear companies."
Text of U.S. TPP Withdrawal

MEMORANDUM FOR THE UNITED STATES TRADE REPRESENTATIVE

SUBJECT: Withdrawal of the United States from the Trans-Pacific Partnership Negotiations and Agreement

It is the policy of my Administration to represent the American people and their financial well-being in all negotiations, particularly the American worker, and to create fair and economically beneficial trade deals that serve their interests.

Additionally, in order to ensure these outcomes, it is the intentions of my Administration to deal directly with individual countries on a one-on-one (or bilateral) basis in negotiating future trade deals. Trade with other nations is, and always will be, of paramount importance to my Administration and to me, as President of the United States.

Based on these principles, and by the authority vested in me as President by the Constitution and laws of the United States of America, I hereby direct you to withdraw the United States as a signatory to the Trans-Pacific Partnership (TPP), to permanently withdraw the United States from TPP negotiations, and to begin pursuing, wherever possible, bilateral trade negotiations to promote American industry, protect American workers, and raise American wages.

You are directed to provide written notification to the Parties and to the Depository of the TPP, as appropriate, that the United States withdraws as a signatory of the TPP and withdraws from the TPP negotiating process.

You are authorized and directed to publish this memorandum in the Federal Register.

Donald J. Trump