On Monday, Trump signed an executive order to end U.S. participation in the 12-nation Trans-Pacific Partnership (TPP), former President Obama's top trade priority during his second term. The Trump administration is expected to focus instead on bilateral trade deals with the countries included in the deal.

"Now is the time to develop a new trade policy that helps working families, not just multi-national corporations," Sanders said in a statement. "If President Trump is serious about a new policy to help American workers then I would be delighted to work with him.”

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Sanders hailed the move, saying the TPP is "dead and gone."

"For the past 30 years, we have had a series of trade deals ... which have cost us millions of decent-paying jobs and caused a 'race to the bottom' which has lowered wages for American workers," he said.

Trump is also expected to renegotiate the Clinton-era North American Free Trade Agreement.

Congress passed a separate measure in 2015 giving the president trade-promotion authority, which allows trade deals to pass the legislature by a simple majority and with no amendments.