US President Donald Trump says he will pursue one-on-one trade deals with countries rather than large, multinational agreements such as the Trans-Pacific Partnership.
Trump lived up to his election promise on Monday when he signed an executive order to withdraw the US from the proposed TPP with Australia, New Zealand, Japan, Canada, Singapore and six other Pacific Rim nations.
"TPP wasn't the right way," Trump said before a meeting of US union leaders at the White House.
"So we are going back to those countries one-on-one and that will be beautiful."
Australia signed a free trade agreement with the US in 2004.
Trump and his spokesman, Sean Spicer, said multinational trade pacts such as the TPP did not favour the US.
Bilateral trade deals instead would give the US more flexibility to exit if the other country did not live up to the agreement.
"We are going to have trade, but we are going to have one-on-one and if somebody misbehaves we are going to send them a letter of termination - 30 days and they'll either straighten it out or we are gone," Trump said.
"Not one of these deals where you can't get out of them and it is a disaster."
Spicer said the TPP would not benefit the US as much as the smaller nations who signed on.
Singapore, Mexico, Chile, Vietnam, Peru, Brunei and Malaysia had also planned on being part of the TPP.
"Anyone of those 12 including us, basically have the same stature as the US in the agreement," Spicer told reporters at a press conference.
"So we are basically on par with some very small countries that are getting access to an amazing market, the US and in return we are negotiating at the lowest common denominator.
"I think when you look at big multinational agreements and multilateral agreements they are not always in the best interests of the US."
Asian experts predict America's TPP withdrawal will open the door to China to dictate trade rules in Asia, but Spicer disagreed.
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