PRESIDENT BARACK OBAMA is itching to sign one of the biggest trade deals in American history. The Trans-Pacific Partnership (TPP) would link 11 economies of the Pacific rim—including Japan and Singapore—with America. These 12 countries together account for 40% of world GDP and one-third of trade (see chart 1). As well as dismantling tariff barriers, the TPP is meant to tackle tough issues such as intellectual property, labour and environmental standards. American trade negotiators predict that by 2025 the TPP will make the world $220 billion a year richer.
Many Democrats, however, fiercely oppose it. Sandy Levin, a Democratic congressman, growls that he is “out to defeat” Mr Obama’s plans. Hillary Clinton has conspicuously withheld her endorsement. Labour unions hate the TPP. If it passes, it will be because Republicans in Congress, for once, back Mr Obama.
The geopolitical aspects of the deal are...
from The Economist: United States http://ift.tt/1d4yOLx
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