Why smart economists hate the TPP (and you should too)

The TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the us and Vietnam.

The Chinese government considers FTAs as a new platform to further open up to the world and speed up domestic reforms, an effective approach to integrate into the global economy and strengthen cooperation with other economies, as well as an important supplement to the multilateral trading system. What’s emerged from the talks suggests that the TPP will indeed live up to Obama’s promise of a “21st-century” agreement: one that anchors the United States in a key region for decades to come, while increasing the scope of trade policy beyond just tariffs.

The TPP is a massive, multi-lateral trade deal that, in part, will reduce or eliminate tariffs on Canadian commodities, for example canola or beef exports to Japan.

The head of Korea’s largest business association called for calm and objectivity amid heavy criticism against the South Korean government for its lack of effort to participate in the recently-concluded Trans-Pacific Partnership.

If anything, the TPP deal sends a strong message to Beijing that the U.S. is still capable of writing the economic rules of the region, despite being displaced by China’s rise. However, they also will be required to observe higher labor and environmental standards.

Sanders also said he will “do all that [he] can to defeat this agreement”, signaling an upcoming fight in Congress that will likely be amplified by the politics of the presidential race.

There are few votes in Congress that could as easily increase both exports and GDP by that much. It can’t amend the agreement.

According to the New York Times, Obama may face new opposition from Republicans who had previously approved the fast-track authority because the US made concessions affecting the tobacco and pharmaceutical industries. Once prices are restored to normal levels, US industries can regain their competitive advantage.

Saskatchewan exported more than $25 billion in goods to TPP countries in 2014, or 71 per cent of our global exports.

“They’ve got their own silly season they’re in”.

Critics also anxious that the deal would enable multinational companies to challenge different countries’ laws and regulations in private tribunals on the grounds they inhibit trade, undermining local laws on public health and the environment.

In the same newspaper, Ruan Zongze, vice president of the China Institute of worldwide Studies, said the United States is keeping China out of the TPP for political reasons.