What Is the Trans-Pacific Trade Deal?

By Tonka Dobreva 10.06.2016 interact

On February 4, 2016, the United States signed the long-negotiated and quite disputed Trans-Pacific trade deal, also called the Trans-Pacific Partnership (TPP). Some key things to know about the deal are:

  • The TPP is designed to encourage trade between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam
  • The agreement will eliminate tariffs on all made-in-America manufactured goods exported to TPP countries
  • The trade deal establishes a set of rules on intellectual property, labor law and environmental law that corporations need to follow
  • It promotes more open markets for products like dairy and sugar

Proponents of the agreement, among them President Obama, say that it is good for American workers as it will boost the economy and will help expand the U.S. influence in the Asia-Pacific region.

However, the TPP has faced opposition by environmentalists and labor unions that argue the deal favors big business over workers and environmental protection. They say U.S. workers will be exposed to competition from abroad, which will cost jobs to the U.S. economy.

Tell us in the comments sections below what you think — is it a good or bad deal?

 

comments

  1. Minnich

    We can do more contrise and make new friends.

  2. Kathrin

    wow… So many trades. when will the trade market end?

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