The 12-nation trade deal was a linchpin of former President Barack Obama's Asia policy.
"Great thing for the American worker what we just did," said Mr Trump as he dumped the pact with a stroke of a pen.
He also cut funding for international groups that provide abortions, and froze hiring of some federal workers.
Mr Trump's executive order on TPP was largely symbolic since the deal has not been ratified by a divided US Congress.