Wall Street wants the TPP deal. The Obama administration wants the TPP deal. The U.S. Chamber of Commerce wants the TPP deal. Rupert Murdoch wants the TPP deal. Fox News wants the TPP deal. Jeb Bush, Marco Rubio, Carly Fiorina, Mike Huckabee, Chris Christie, John Kasich, Bobby Jindal, Scott Walker, Rick Perry all approve the TPP deal. Candidates Ted Cruz and Marco Rubio supported fast track trade authority for the TPP deal.
The TPP deal is exceptionally bad for U.S. manufacturing and jobs.
(Via Reuters) The United States and 11 other Pacific Rim countries have reached a sweeping deal to set up a free-trade zone for 40 percent of the world’s economy, but the accord on Monday faced initial skepticism in the U.S. Congress.
The Trans-Pacific Partnership is the most ambitious trade pact in a generation and could reshape industries and influence the cost of products from cheese to cancer treatments, presenting key issues also for drug companies and automakers.
Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs. A demand by New Zealand for greater access for its dairy exports was only settled at 5 a.m. EDT (0900 GMT) on Monday.
Details of the pact were emerging in statements by officials after days of marathon talks in Atlanta.
The 12 countries will cut trade barriers and set common standards for a region stretching from Vietnam to Canada. The agreement could be a legacy-defining achievement for Democratic President Barack Obama, if it is ratified by Congress.
Lawmakers in other TPP countries must also approve the deal, which would reduce or eliminate tariffs on almost 18,000 categories of goods like machinery, chemicals and food. (read more)