11/22/2016 15:46 EST | Updated 11/23/2017 00:12 EST

Chamber won't mourn death of TPP

U.S. president-elect Donald Trump's announcement saying he will withdraw the country from the Trans-Pacfic Partnership trade deal is good news for Windsor-Essex businesses, says local chamber president.

Windsor-Essex Regional Chamber of Commerce opposed the trade partnership.

"It's bad for Windsor-Essex," said Matt Marchand, president and CEO of the local chamber. "It was a deal that certainly would have hurt Windsor-Essex, particularly as it relates to automotive."

  • Trump says he will pull U.S. out of TPP on 1st day in office

Marchand says about one-third of Windsor's economy is related to the automotive field and it would have felt an impact if the TPP deal went through.

"Under TPP there would have been a vast reduction in terms of content requirements, reduction in terms of tariffs coming off of vehicles and parts, and finally the TPP did not have provisions for currency manipulation," Marchand said.

Currency manipulation occurs when countries attempt to artificially devalue their currency to boost exports.

"We're happy that the TPP is no longer with us."