There has been no shortage this presidential election of talk of the effects of international trade agreements, and specifically the Trans-Pacific Partnership (TPP). The TPP has long been a priority of President Obama and is currently awaiting ratification. Congress granted the President "fast-track" authority, meaning lawmakers can only reject or ratify the finished product without any additions or amendments. But what is exactly is the TPP?
The TPP is regional trade agreement with the aim of lowering tariffs and fostering trade among the 12 member nations, including: The US, Mexico, Canada, Peru, Chile, New Zealand, Brunei, Sinapore, Malaysia and Vietnam. Around 18,000 tariffs will be affected in some way after ratification. This includes a large perecentage of manufactured goods and almost all US farm products. It is still largely up in the air whether or not the TPP will be ratified under President Obama or if lawmakers on both sides of the aisle will elect to wait until after the November election.
Read more on TradeUp Blog.
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