Posted on 10/06/2015 5:44:46 AM PDT by expat_panama
The biggest trade agreement since NAFTA has run into the most populist presidential campaign in memory. It's a sure bet that sparks will fly. What's not clear is when the 12-nation Trans-Pacific Partnership linking 40% of global GDP and 800 million consumers will come to a vote in Congress — it might have to wait until after the election — much less whether it will pass.
After five years of negotiations, trade officials sealed the deal in Atlanta on Monday, but the reception wasn't exactly celebratory.
Populism Rises On Left, Right Trade ministers from the twelve Trans-Pacific Partnership member countries participate in the closing press conference in Atlanta, Ga., on Monday. AP
Trade ministers from the twelve Trans-Pacific Partnership member countries participate in the closing press conference in Atlanta, Ga., on Monday. AP View Enlarged Image
Socialist Bernie Sanders, who has rallied the far left behind his Democratic presidential bid, bashed the deal, but he wasn't alone. Ford Motor (NYSE:F) criticized the deal for failing to protect U.S. producers from foreign currency manipulation — the same issue that's been seized on by Hillary Clinton and, even more aggressively, by Donald Trump.
Even GOP supporters in Congress were dismayed.
"I am afraid this deal appears to fall woefully short," said Sen. Orrin Hatch, one of the deal's biggest boosters on Capitol Hill. "The Trans-Pacific Partnership is a once in a lifetime opportunity and the United States should not settle for a mediocre deal."
The letdown isn't exactly a surprise. Trade talks generally leave the toughest issues until the end, and the U.S. had to make several big concessions.
Instead of 12 years of intellectual property protections for biotech drugs, the U.S. settled for 5 to 8 years.
While NAFTA requires 62.5% of an automobile...
(Excerpt) Read more at news.investors.com ...
I realize there are a lot of players involved in these negotiations and therefore there is a lot to deal with. Even so - or maybe because of it - I simply expect that 0bama's guiding principal in this agreement is to continue his "fundamental change of America" to the detriment of the US of A. His track record to date supports this belief.
That's the global warmer argument for not debating and not looking at actual temperatures --"let's assume it's bad so we don't have to look" and just go ahead and pay the new global warming taxes. I prefer to look at what we got so far (here) and then when the whole thing's written if it's OK we can vote on what is and then we get a tax cut.
I thought you were living in Panama. Why should increased tariffs have any effect on you?
Yes, of course, it’s just that in the recent, important legislation, example: 0bamacare, Iran treaty, it was pass first and then the public gets all the details.
FUEP
Obamacare was pass first, read second and the Iran Treaty was Cruz votes for the Corker Grahem Bill and then we're stuck --we agree that those are bad. TPP is read goals first, negotiate second, read treaty third, and then vote. People buying and selling is not a problem so we shouldn't tax it when we don't have to . Senators voting for the Corker/Grahem and then saying they don't like the Iran Treaty, that is a problem, but it's a different problem.
From what I read, the agreement lowers taxes and, as an added benefit, gives government bureaucrats and cronies less control of the economy. There may be some nefarious terms in the proposed agreement, but I haven't seen them yet. If and when I do, I'll be sure to let my elected reps know about it. In the meantime, I'm not going to panic. I just happen to like lower taxes. Crazy, huh?
Thing is that there are a lot of freepers who don't want lower taxes and who want more gov't econ control. Sure, they call themselves 'conservatives' but more and more I truly wonder whether they're not just seminar posters putting us on.
I’m waiting to read the agreement, if I have the time, which may not be likely. I was getting tired of FReepers reminding me that I haven’t read it, and won’t get the chance to do so. Did they know my work schedule in advance?
Is IBD unaware that the fix is in, or are they in on it?
There is no agreement yet, it’s still being hashed out. We do have an outline (I posted a link above) but it’s long enough to be boring so I used ‘speed-reading’. I also CTRL-F’d it and found no “internet” or “crime”. That stuff must be in those secret leaks on Zerohedge.
Do tell more please!
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