From the beginning I was opposed to this TPP that Obama and so many others championed….I recall what damage Clinton’s NAFTA did to the American economy….
There were a few issues in the Trump agenda that I could embrace….but I liked his rhetoric on international interventionism and especially his rhetoric on trade….both NAFTA and TPP……
Mercifully it appears that the TPP is finally dead…..
In spite of the hopes of many elite types for a last-minute resurrection, it appears that the Trans-Pacific Partnership (TPP) is finally dead. This is good news, but it took a long time to kill the deal, and the country is likely to pay a huge price for the execution.
The basic point that everyone should know by now is that the TPP had little to do with trade. The United States already had trade deals with six of the 11 other countries in the pact. The trade barriers with the other five countries were already very low in most cases, so there was little room left for further trade liberalization in the TPP.
Instead, the main purpose of the TPP was to lock in place a business-friendly structure of regulation. The deal was negotiated by a series of working groups that were dominated by representatives of major corporations. The regulatory structure was to be enforced by investor-state dispute settlement tribunals. This is an extrajudicial system that would be able to override US laws with secret rulings that were not bound by precedent or subject to appeal.
We will have to wait and see if Trump will be true to his word……my optimism is at a low ebb right now.