President Donald Trump has made good on his campaign promise to withdraw from the Trans-Pacific Partnership, a move that could put a damper on the tech industry in Silicon Valley and elsewhere in the U.S. The move comes as Asia has for the first time overtaken Europe in the number of innovation centers to be built and operated. So strong is Asia’s growth that it could soon overtake the US as the biggest hub of innovation if it continues to grow at the same rate, according to a new global report from Capgemini Consulting.
Silicon Valley tech leaders are worried about losing access to huge burgeoning markets abroad, especially China. With the new administration gearing up to reshape international trade, many technology and investment experts predict the new policies will hurt tech giants and small startups alike. The chief benificiary of the U.S. exit from TPP could be the Chinese government, which is already stepping up its pursuit of unilateral and multilateral trade deals with the TPP countries.
Read why Silicon Valley’s dominance is increasingly being challenged worldwide, and how three cities in Singapore, Bangalore and Tokyo are driving the technology disruption cycle in Asia.