Trump signs executive order to withdraw US from TPP

US President Donald Trump (C), flanked by Gary Masino (L) of the Sheet Metal Workers Union, Telma Mata (2nd R) of the Heat and Frost Insulators Allied Workers Local 24 and United Brotherhood of Carpenters General President Doug McCarron (R), holds a roundtable meeting with labor leaders at the White House in Washington, US January 23, 2017. [Photo/Agencies]

The White House also said it will pursue trade deals which are in the interests of American workers and crack down on nations that violate trade agreements and harm American workers.

During his election campaign, Trump promised to never sign massive trade agreements like the TPP, which he said would "destroy" US manufacturing. He also vowed to renegotiate NAFTA and threatened to levy hefty tariffs on Mexico.

Trump said on Sunday that he would soon meet leaders of Mexico and Canada to discuss the renegotiation of NAFTA.

At a meeting with business leaders on Monday, Trump also said that the administration will impose "a very major border tax" on companies that are shifting production overseas.

International institutions, such as World Bank and International Monetary Fund, have warned that the inward-looking policy and protectionism could be a threat to global growth.