Negotiations are now complete on the Trans Pacific Partnership (TPP). If ratified, this treaty would not only benefit the United States as a whole, but also uniquely and specifically the Los Angeles economy, which serves as the gateway to and from the USA for trade with these economies. The full contents will not be made public for another month. Presidential candidates Bernie Sanders and Donald Trump both released statements criticizing the deal, the Times added. It will see the eventual removal of 18,000 tariffs now placed on US-manufactured goods by participating countries, including Japan, which is the third-largest export market for U.S. wines.
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However, US Senator Elizabeth Warren said that trade agreements claim to have “strong and meaningful protections” but “those protections prove unable to stop the worst abuses”, the site mentions.
After five years of negotiations the agreement has been described as “bittersweet” by Canegrowers chairman Paul Schembri. “When you take a look at all the different products involved and the gains and losses within each product, and the innovation and new product opportunities that exist… on balance, I think we’re going to be OK”.
While acknowledging such a pact would inevitably divert a few trade and investment away from China, Beijing would assess comprehensively its potential once the official agreements were reached, Gao Hucheng, China’s trade minister, said in a interview with state media posted on the ministry’s website www.mofcom.gov.cn late on Thursday. They worry US businesses will exploit lower wage workers in foreign countries and cut jobs stateside.
But Vietnam although has successfully negotiated trade deals with the European Union and South Korea earlier this year, is aggressively seeking economic partners to balance its relationship with China.
The antidote is that it has to be approved by Congress, which is hard to imagine given the issues with the pact and many lawmakers’ disposition to balk at nearly anything Mr. Obama favors.
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Those arguments persuaded bipartisan majorities of the Republican-controlled Congress to empower Obama’s negotiating team with so-called “fast-track” authority this year, and, as predicted, that vote helped win substantial new access to the Japanese and other markets for USA producers, as well as provisions on the environment and labour rights.
