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The America-Free Trans-Pacific Partnership Is a Done Deal
Keywords: Tpp, Trans Pacific Partnership,
11 Pacific Rim nations form the Trans-Pacific Partnership in 2018. The Obama administration supported the trade pact alienating supporters in its union base particularly in the midwestern states. Mr. Trump opposed the TPP in his election campaign and made it a significant issue for swing voters in midwestern states after job losses in the auto industry. With the opposition of president Trump the U.S. decided to withdraw from TPP.
The 11 nations agreeing to join a revised agreement are Japan, Canada, Mexico, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam. So far six countries have formally approved the deal, Australia, Canada, Mexico, Singapore, New Zealand and Japan, setting the stage for two rounds of tariff reductions starting December 30, 2018. Agricultural products duties will be duty free within 3 to 7 years including for Japan and Mexico. Australia, New Zealand, Canada are major agricultural exporters. Japan supported the deal as a way to counter China's influence in the region.
In the U.S. the gains would be in intellectual property rights but losses for workers in the auto and manufacturing industries, a point Mr. Trump recognized in his election campaign as he campaigned in the midwestern states. Mr. Obama pursued TPP over objections of workers organizations and unions including auto workers union, with his advisors suggesting this as a way to counter China's influence in the region. By 2018 the Democratic party support base fractured on this as one of the major issues.
The Trans-Pacific Partnership for Pacific Rim nations going into effect in 2018 without the U.S.
10/31/2018
Grouped Articles
The America-Free Trans-Pacific Partnership Is a Done Deal
WSJ 10/31/2018
The Trans-Pacific Partnership Agreement talks in Hawaii in August 2015
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Canada sees difficulties in opening up its agricultural sector with the Conservative party likely to lose critical parliamentary seats in Quebec and Ontario. Japan has similar problems. New Zealand seeks new markets for its dairy products including Canada and Japan, if it is asked to increase the prices of some drugs in its healthcare system.
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Pacific Trade Talks End With No Deal
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The America-Free Trans-Pacific Partnership Is a Done Deal
WSJ 10/31/2018
2014 trade talks between the U.S., Canada and Mexico
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Discussion topics between Obama, Harper and Nieto in Toluca, Mexico, include Trans Pacific Partnership (TPP), Keystone pipeline, immigration and trade issues.
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Trans-Pacific Partnership Trade Agreement- winners and losers
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A study by Prof. Petri of Brandeis University, shows economic output going up by 0.4% by 2025 or $77 billion for the U.S. as a result of the TPP agreement. Biologic drugs, with long term patent protection, software engineering services, high tech industry are the winners, losers are the Detroit auto industry facing higher imports, light manufacturing in textiles and paper, and some heavy manufacturing sectors. Douglas Irwin of Datmouth and other experts say it is not clear how much of the benefit will affect consumers and businesses in the U.S. Most of the tariff cut gains are already made and import duties as a percentage of total imports are down to 1.4% today. Experts say 4/5th of the benefits for the U.S. are not from tariff cuts but from new rules for trade in services, and new rules for investment and commerce. The agreement brings together Pacific area countries, including Canada, Australia, New Zealand, Chile, and Japan, Malaysia, Singapore and Vietnam. Agriculture is protected in Canada especially in Quebec, and in Japan, which means tough negotiations to open up this sector. Politically the TPP is a response by the U.S. and Japan to the Infrastructure Investment Bank set up by China with support from Europe and India.
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Pacific Trade Deal Likely to Have Narrow Reach
Wall Street Journal 08/01/2015
Auto-Parts Dispute Taps the Brakes on Pacific Trade Deal
Wall Street Journal 09/04/2015
Why You May Soon See More Goods Labeled ‘Made in Vietnam’
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Utah Senator, Crucial Ally for the Pacific Rim Trade Deal, Is Now Its Main Hurdle
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McConnell warns that trade deal can’t pass Congress before 2016 elections - The Washington Post
Washington Post 12/11/2015
Trans-Pacific Trade Pact Would Lift U.S. Incomes, but Not Jobs Overall, Study Says
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