You’ve probably heard about the Trans-Pacific Partnership (TPP) in the news lately. So what’s the big deal?
The TPP is a proposed free trade deal that is currently being negotiated between 11 countries which include: Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. TPP is aimed at deepening economic ties between nations involved.
To increase trade, the TPP is expected to reduce tariffs, and eliminate them in some cases, between member countries and help open trade in goods and services. It is also expected to increase investment flows between countries and bolster economic growth.
In the U.S., Democrats and AFL-CIO have opposed the TPP saying it benefits the wealthy corporations and doesn’t do enough for the working class. Opponents also point out that the negotiations have been closed to the public.
Presidential candidates across the political spectrum have spoken out against TPP. After the House voted “no” on TPP, defying President Obama, Hillary Clinton praised House Minority Leader Nancy Pelosi saying she did the right thing by voting against the bill.
Senator Cruz said he would oppose the bill because it has “become enmeshed in corrupt Washington backroom dealings,” Sen. Rand Paul and former Arkansas Gov. Mike Huckabee also opposed TPP.
Opponents argue that the majority of economic growth will occur outside of the United States.
On Tuesday, the Senate advanced TPP by approving a measure to end the debate on fast-track authority. Fast-track would allow President Obama to send trade deals to Congress for up-or-down votes. On Wednesday, the Senate will vote for final passage.
And while that’s not a whole lot of information - that’s about all there is available on TPP. Maybe some day we’ll know all the details.
Stay tuned for more information on government acronyms. And if you have an acronym that you want to know what it means and more about that topic, comment below and I’ll do my best to provide information quickly.
The TPP is a proposed free trade deal that is currently being negotiated between 11 countries which include: Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. TPP is aimed at deepening economic ties between nations involved.
To increase trade, the TPP is expected to reduce tariffs, and eliminate them in some cases, between member countries and help open trade in goods and services. It is also expected to increase investment flows between countries and bolster economic growth.
In the U.S., Democrats and AFL-CIO have opposed the TPP saying it benefits the wealthy corporations and doesn’t do enough for the working class. Opponents also point out that the negotiations have been closed to the public.
Presidential candidates across the political spectrum have spoken out against TPP. After the House voted “no” on TPP, defying President Obama, Hillary Clinton praised House Minority Leader Nancy Pelosi saying she did the right thing by voting against the bill.
Senator Cruz said he would oppose the bill because it has “become enmeshed in corrupt Washington backroom dealings,” Sen. Rand Paul and former Arkansas Gov. Mike Huckabee also opposed TPP.
Opponents argue that the majority of economic growth will occur outside of the United States.
On Tuesday, the Senate advanced TPP by approving a measure to end the debate on fast-track authority. Fast-track would allow President Obama to send trade deals to Congress for up-or-down votes. On Wednesday, the Senate will vote for final passage.
And while that’s not a whole lot of information - that’s about all there is available on TPP. Maybe some day we’ll know all the details.
Stay tuned for more information on government acronyms. And if you have an acronym that you want to know what it means and more about that topic, comment below and I’ll do my best to provide information quickly.