During the second day of U.S. President Barack Obama’s three-day visit to Vietnam, Obama continued to push for passage of the Trans-Pacific Partnership trade deal. [Sean Caleb| May 24, 2016 |CCTV] Obama says the deal will benefit many Asian nations but the U.S. president admits he’s facing a hard-sell back home with a skeptical Congress.…
Sen. Marco Rubio weighed in Tuesday on the ITC’s projections of economic gains from TPP, calling them “a little bit disappointing.” But he indicated he hasn’t made up his mind about the deal. [Victoria Guida and Doug Palmer| May 25, 2016 |Politico] “We’ve seen the report that just came out,” the former presidential candidate told…
The government’s own assessment of the toxic Trans Pacific Partnership (TPP) shows that the controversial trade deal will produce negligible economic benefits while damaging most Americans’ jobs and wages. [Deirdre Fulton| May 19, 2016 |Common Dreams] The U.S. International Trade Commission’s (ITC) report (pdf), issued Wednesday, shows that the TPP “would likely have only a small positive…
On May 18, 2016, the U.S. International Trade Commission (USITC) released its report, “Trans-Pacific Partnership Agreement: Likely Impact on the U.S. Economy and on Specific Industry Sectors,” relative to the agreement that President Obama signed in February with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. [Michele Nash-Hoff| May…
U.S. President Barack Obama said on Monday he was confident a Trans-Pacific Partnership (TPP) trade deal he has championed will be approved by U.S. legislators, to the benefit of the world. [Robert Birsel| May 23, 2016 |Reuters] Obama, on a Visit to Vietnam, told a news conference the TPP was a good deal for U.S.…
by Michael Stumo I listened to US Trade Representative Michael Froman discuss the Trans-Pacific Partnership yesterday on a business group conference call, after the US International Trade Commission report came out. Despite the fact that the report nullified Froman’s entire economic case for the TPP, you would never know it from his talk. Froman created…
by Michael Stumo Japan’s stealth manipulation of the yen is proving successful. Last week, Japan’s finance minister told their Parliament that the government would intervene in currency markets if they yen strengthened. So… this week the yen declined from 109 yen vs dollar to 110. Why? Banks, governments and private firms trading in foreign…
China has moved to escalate the fight over what it claims are “unlawful” standards and methodologies the U.S. applies in countervailing duty investigations with China in violation of the Agreement on Subsidies and Countervailing Measures by failing to live up to a 2014 Appellate Body ruling, according to a May 13 consultation request. [Daily News|…
Former President Bill Clinton raked in millions of dollars from special interest groups in the weeks just before and after his wife announced her presidential campaign, including $325,000 from a group that pushed for the Trans-Pacific Partnership. [Sarah Westwood| May 18, 2016 |Washington Examiner] Hillary Clinton came out against the trade deal in October under pressure from…
Yesterday, the U.S. International Trade Commission (ITC) released a long-awaited report on the projected economic impacts of the TPP agreement. The report is remarkable for its frank estimates of the costs of the agreement, and the minimal benefits it identifies. Overall, the ITC projects that by 2027, the TPP will increase U.S. exports to the world by…
