Highlights - Donald Trump in first full week as U.S. president

(Reuters) - U.S. President Donald Trump addresses business and trade issues on Monday. Highlights of the day follow:

TRADE

Trump signs an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal, following through on a promise from his campaign last year.

Japanese Prime Minister Shinzo Abe, saying Trump understands the value of free trade, vows to keep pitching the TPP.

A top Trump adviser will meet this week with advisers to Canadian Prime Minister Justin Trudeau, whose Liberal government is gathering to plan a response to a possible renegotiation of the North American Free Trade Agreement.

Mexico is ready to renegotiate trade rules with the United States but says it would counter any change in U.S. policy that affects imports with a "mirror action."

British Prime Minister Theresa May will champion free trade and also voice her support for the Iran nuclear deal when she meets Trump later this week, her spokeswoman said.

BUSINESS

Trump meets with a dozen prominent American manufacturers at the White House, promising to cut regulations and corporate taxes but warning them of penalties if they move production outside the country.

Trump plans to meet on Monday at the White House with leaders of construction and sheet metal unions, two sources tell Reuters.

CABINET

U.S. Republican Senator Marco Rubio says he will reluctantly back Trump's nominee for secretary of state, Rex Tillerson, in a move that all but secures Senate confirmation of the former Exxon Mobil Corp chief executive officer.

FOREIGN LEADERS

The Kremlin expects to agree soon on a date for the first phone call between President Vladimir Putin and Trump, but there is no word on when they will meet.

Gulf Arab states are quietly applauding the arrival in the White House of a hawkish leader opposed to their adversary Iran, even if they suspect Trump might at times heighten tensions in the Middle East.

OBAMACARE

U.S. Republican Senator Susan Collins says Trump's executive order last week targeting Obamacare is "very confusing," and she offers her own replacement plan.

LAWSUIT

A group sues Trump, accusing him of violating the "emoluments" clause of the U.S. Constitution by allowing his hotels and other businesses to accept payments from foreign governments.

MARKET IMPACT

For financial markets, the Trump era begins on Monday. If history is any guide, the following month should be a rocky one for Wall Street but positive for the dollar.

(Compiled by Bill Trott; Editing by Lisa Von Ahn and Meredith Mazzilli)