Passage of Pacific Trade Deal Less Likely
The current political climate has dealt a potentially lethal blow to President Barack Obama’s signature Pacific trade agreement.
“You’re steadily seeing the nails being drilled into the coffin,” said Peter Cohn, a policy analyst at Height Securities, an investment research firm.
Democratic nominee Hillary Clinton, facing an unexpectedly strong challenge from Sen. Bernie Sanders of Vermont, announced her opposition to the Trans-
Pacific Partnership during the primary.
Republican nominee Donald Trump has long criticized the deal, a 12-nation pact with Asia Pacific that has the support of small business, agriculture, and trade associations.
Supporters of the pact say that failing to ratify the TPP would represent a further retreat from American leadership on the international stage. Opponents say the deal would tilt the playing field toward large multinational corporations. Obama administration officials insist there is a path forward.
“The administration’s commitment to getting TPP passed this year has not wavered one iota,” said Michael Froman, the U.S. trade representative. “It is all hands on deck.”
Source: Wall Street Journal