Ministers to sign TPPA in NZ on 4 Feb – Kelsey

In Rep. Levin’s TPP study, released yesterday, he argues that the trade deal fails to clarify exactly what constitutes currency manipulation, nor does it offer meaningful protections, though the authors do applaud increased transparency about monetary practices by the various member states.

The Trans-Pacific Partnership, mandates the removal of 18,000 tariffs that create significant impacts on competitive trade opportunities for exporting and importing countries. “However, the benefits of a trade agreement lie in how it is interpreted, implemented and enforced”. The company says it will seek $15 billion in compensation for Mr. Obama’s refusal to permit the pipeline, saying he politicized the decision. With the Bill Clinton’s North American Free Trade Agreement (NAFTA), jobs rushed offshore to Mexican maquiladoras that paid workers about $1.20/hour (www.corpwatch.org).

But now that we’re in a presidential election year, there’s likely to be twists and turns for the 12 nation trade deal. “A full and vigorous public debate is needed to identify problems like this one before the TPP agreement is signed”.

Global trade is an important component of Colorado’s economy. The massive agreement drew enough opposition in Congress that Senate Majority Leader Mitch McConnell (R-KY.) warned the Obama administration not to send the trade deal to Capitol Hill until after the 2016 elections.

If completed, the 12-nation Trans-Pacific Partnership would be the largest US free-trade agreement, covering an area with a combined annual economic output of more than $28 trillion.

Already, more than 60 witnesses have requested to speak during the Trade Commission hearing next week, and in preliminary comments, sides and arguments are starting to become clear. Tariffs placed on foreign goods in the US average 1.4 percent, where USA goods in other countries face average tariffs of 4.9 percent in Japan and 7.9 percent in Mexico. Its implementation, widely considered a legacy objective of President Obama’s economic agenda, depends on approval by Congress. Donald Trump has called the TPP a “horrible deal”, while Hillary Clinton, reversing course on her prior support for the agreement, said it will “do more harm than good” for American families and could fall prey to currency manipulation.

“TransCanada had every reason to expect its application would be granted”, the company said in a statement.