Jerome Ashton, managing editor, of Bloomberg BNA’s International Trade Reporter and Caitlin Webber, trade analyst at Bloomberg Intelligence, discuss the impact, reaction and possible outcome of the newly announced Trans-Pacific Partnership between the U.S. and 11 other countries. Both agree that the Obama administration has a tough challenge ahead in lining up enough support in Congress to win approval for TPP. Congress is not expected to actually vote on the trade deal before early spring.
The Trans-Pacific Partnership would be a historic trade agreement between the U.S. and 11 other countries. It would lower tariffs for goods shipped between those countries and eliminate or reduce other trade barriers. Many business groups have been supportive of the effort, with an eye toward increased market share in other regions of the world, particularly Asia. Many labor and environmental groups have expressed concerns about the secrecy of the trade negotiations and potential negative impact on U.S. jobs, labor standards, and environmental laws.
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