President Trump takes US out of Trans-Pacific Partnership trade deal

He had promised to take such action in November, describing the trade deal as a “potential disaster for our country”.

The agreement was designed to bring down tariffs and trade barriers between America and a number of Pacific Rim nations including Australia, New Zealand, Japan, Malaysia and Chile.

Mr Trump described his action on TPP as a “great thing for the American worker”.

Sky’s Diplomatic Editor, Dominic Waghorn, said: “His critics will say it’s not putting America first because free trade is good for America, as it is for the rest of the world.

“It allows cheap goods to go to America (and) allows America to export its goods to the Pacific Rim countries more effectively.”

:: Trump spokesman Spicer: Our intention is not to lie

White House press secretary Sean Spicer said in his daily press briefing: “When you enter into these multi-national agreements, you’re allowing any country, no matter the size, to have the same stature as the United States in the agreement.”

Mr Spicer added that such arrangements were “not always in the best interests of the United States”, saying that bi-lateral agreements would be pursued instead.

“This is a strong signal that the Trump administration wants free and fair trade throughout the world,” he told reporters.

Asked by Sky’s US Correspondent, Cordelia Lynch, why Theresa May will be the first foreign leader to meet President Trump in Washington on Friday, Mr Spicer said: “I think we’ve always had that special relationship with Britain, and that reflects in the Prime Minister’s first visit here.

“He’s had a great conversation with her, and he looks forward to having her here, but we can always be closer.”

:: Pound climbs to one-month high as Trump fears hit US dollar

Mr Trump has signed two other executive orders.

One bans US non-governmental organisations that receive federal funding from providing abortions abroad.

The other imposes a freeze on federal hiring.

Prior to signing the orders, Mr Trump welcomed a dozen business executives to the White House from companies including Ford, Dell Technologies and Tesla, telling them he would place taxes on imports if they were to move production outside the US.

At the same time, he promised to reduce corporate taxes and cut regulations.

:: Trump: FBI director James Comey ‘more famous than me’

Meanwhile, the new President has resigned from his Trump business empire, the White House has said.

Mr Trump is being sued by a group of constitutional and ethics lawyers.

They are accusing him of violating the US Constitution by allowing his hotels and other businesses to take payments from foreign governments.

The lawsuit – filed in Manhattan by a non-profit organisation called Citizens for Responsibility and Ethics in Washington – claims that Mr Trump is “submerged in conflicts of interest”.

Alleged conflicts include the state-owned Industrial and Commercial Bank of China’s lease at Trump Tower in New York.

Mr Trump has described the lawsuit as “without merit”. news.sky.com