The Republican has repeatedly criticised the TPP as a “potential disaster for our country” and just two days after being sworn in as President, Mr Trump signed an executive order to withdraw from the trade deal.
Speaking on his LBC show on Monday, Farage beamed with delight as he declared the EU's prototype for world governance had taken a massive blow.
"This Trans-Pacific Partnership was modelled and based on the European Union's single market," Farage said.
LBC • SKY
Nigel Farage hailed President Trump for scrapping the TPP agreement
"The idea was the European Union was going to be a prototype for a bigger form of world governance. The Clintons were on it, Obama was on it, And Trump's just reversed it."
The LBC host continued: “I generally have always thought that if you remove barriers to trade, you can do so to the mutual benefit of both partners involved – provided they’re roughly equal countries.
“But, the point about these things is they masquerade as trade deals when actually they’re about harmonisation, homogenisation – they’re about playing into the hands of not big business, big giant multi-nationals at the expense of everybody else.”
Continuing, the Eurosceptic MEP praised the Mr Trump for being a man of his word and following through on his election promise.
President Trump's decision to scrap the TPP has sent shockwaves through the Brussels
I think Donald Trump has done the right thing
And in a warning to anti-Trump protesters, Farage said there could be no doubt more changes were coming.
He said: "I think Donald Trump has done the right thing. Whether you love him or hate him, believe you me, everything he said in that campaign, everything he said in that 15 minute address that I was there listening to on Friday in Washington, he’s going to do every single one of them.”
President Trump's decision to scrap the TPP has sent shockwaves through Brussels as Eurocrats fear TTIP, which promotes cross-Atlantic trade with the EU, could also be under threat.
In an Oval Office ceremony on Monday, the billionaire hailed the executive order as a "great thing for the American worker".
The best photos from Donald Trump's historic inauguration
Mon, January 23, 2017
The inauguration of Donald Trump as the 45th President of the United States will mark the commencement of the four-year term of Donald Trump as President and Mike Pence as Vice President. A public ceremony will be held on Friday, January 20, 2017.
1 of 40
President Donald Trump waves as he walks with first lady Melania Trump and son Barron during the inauguration parade.
The TPP agreement, which was signed by 12 countries, was a major part of Barack Obama’s legacy, with the long-negotiated deal covering 40 per cent of the world economy.
In his inauguration speech on Friday, President Trump vowed America would come first, to thundering applause.
He said: "From this day forward it is only going to be America first. Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families.
"We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs."