Washington: President Donald Trump began recasting America's role in the global economy on Monday, cancelling an agreement for a sweeping trade deal with Asia as one of his first official White House actions.

The TPP's demise in the US is being watched closely in Australia where the trade deal divided politicians and much of the public - both because of its complex rules and its role as a tool for US influence in Asia to counter China.

After meeting with business executives to discuss the US manufacturing industry, Mr Trump headed to the Oval Office to sign an executive order formally ending the United States' participation in the Trans-Pacific Partnership.

The move was largely symbolic - the deal was unlikely to make it through Congress - but served to signal that Mr Trump's tough talk on trade during the campaign will carry over to his new administration.