President Donald Trump has fulfilled a campaign pledge by signing an executive order to withdraw from the Trans-Pacific Partnership (TPP).
The trade deal, a linchpin of ex-President Barack Obama’s Asia policy, was signed by 12 nations.
“Great thing for the American worker what we just did,” said Mr Trump as he dumped the pact with a stroke of a pen.
He also cut funding for international groups that provide abortions, and froze hiring of some federal workers.
During his presidential campaign, Mr Trump criticised the TPP as a “potential disaster for our country”, arguing it harmed US manufacturing.
Also on Monday morning, Mr Trump pledged to “massively” cut regulations and taxes on companies, but impose “a very major border tax” if they move factories outside the US.
“All you have to do is stay,” he told executives from 12 companies including Lockheed Martin, Under Armour, Whirlpool, Tesla and Johnson & Johnson.
After meeting the business leaders at the White House, Mr Trump pledged to lower corporate taxes to 15% or 20%, from the current 35%, and slash regulations by up to 75% if they keep jobs in the US.
The president is due to meet labour leaders in the afternoon.
Since winning the White House, Mr Trump has upbraided US companies that have moved factories overseas.
The US Senate will meanwhile vote on his nomination of Mike Pompeo to be CIA director.
Rex Tillerson‘s nomination as secretary of state was effectively guaranteed on Monday as Senator Marco Rubio dropped…