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Without Trans-Pacific Partnership, U.S. hands over trade power to China, Japan
Prospects dim with Clinton, Trump
As the prospects for President Obama’s signature Asian trade deal look increasingly bleak, the question has become: If not the TPP, then what? For the U.S., there may be no plan B.
Presidential candidates Hillary Clinton and Donald Trump have gone on record against the proposed Trans-Pacific Partnership, and analysts warn that walking away from the agreement would allow China and Japan to set their own rules for trade and investment in the globe’s most dynamic economic region.
The massive free trade deal, involving the U.S. and 11 other Pacific Rim nations covering 40 percent of the global economy, is the centerpiece of Mr. Obama’s proposed “pivot” to Asia, in addition to diplomatic, security and political payoffs.
Mr. Obama and visiting Singaporean Prime Minister Lee Hsien Loong warned Tuesday about the implications of a failed TPP. China would step in, Mr. Obama said, and Beijing is “not worried about labor standards or environmental standards or human trafficking or anti-corruption measures” incorporated into the agreement.
“You’ll get a low-standard, lowest-common-denominator trade deal,” the president said.
Without Trans-Pacific Partnership, U.S. hands over trade power to China, Japan
Prospects dim with Clinton, Trump
As the prospects for President Obama’s signature Asian trade deal look increasingly bleak, the question has become: If not the TPP, then what? For the U.S., there may be no plan B.
Presidential candidates Hillary Clinton and Donald Trump have gone on record against the proposed Trans-Pacific Partnership, and analysts warn that walking away from the agreement would allow China and Japan to set their own rules for trade and investment in the globe’s most dynamic economic region.
The massive free trade deal, involving the U.S. and 11 other Pacific Rim nations covering 40 percent of the global economy, is the centerpiece of Mr. Obama’s proposed “pivot” to Asia, in addition to diplomatic, security and political payoffs.
Mr. Obama and visiting Singaporean Prime Minister Lee Hsien Loong warned Tuesday about the implications of a failed TPP. China would step in, Mr. Obama said, and Beijing is “not worried about labor standards or environmental standards or human trafficking or anti-corruption measures” incorporated into the agreement.
“You’ll get a low-standard, lowest-common-denominator trade deal,” the president said.
