The full text of the highly anticipated Trans-Pacific-Partnership trade deal was at long last released early Thursday by the Obama administration, kicking off a 90-day period for congressional review.
The Trans-Pacific Partnership, or TPP, is a 12-nation deal that would encompass 40% of the global economy. The provisions of the deal would knock down tariffs and import quotas, making it cheaper to import and export, and open new Asia-Pacific markets. Negotiations have been going on for years, led by the United States and Japan — with China conspicuously absent from the list of signees.
Opponents of the deal contend that it will cause overseas job losses and depress wages, since U.S. businesses will be better able to take advantage of low wage workers in developing economies.
Supporters, meanwhile, argue the deal will make it easier for U.S. businesses to sell overseas, opening up overseas markets just as the U.S. market is already open to imports from these 11 other countries. And they counter that the growth of U.S. exports will produce well-paying jobs at home.
If passed by Congress, the TPP would rank as one of President Obama’s major second-term policy accomplishments and a signature part of his legacy.
But pursuit of the deal has made strange political bedfellows, as Obama had to join forces with congressional Republicans to secure fast-track authority for the deal, which prevents filibusters or amendments during the 90-day review period.
And Obama’s own party has largely abandoned him on the issue. All three candidates for the Democratic presidential nomination — Hillary Clinton, Bernie Sanders, and Martin O’Malley — have announced their opposition to the TPP, citing concerns about the lack of protections for American workers.