U.S. INKS HUGE ASIA TRADE DEAL David Jackson
Critics say it will ship jobs overseas; agreement faces fight in Congress
The United States and 11 other Pacific Rim nations struck a tentative trade agreement Monday, a landmark deal that has the potential to transform the global economy, divide political parties in Congress and roil the U.S. presidential race.
As President Obama and aides began selling the agreement to Congress and the public, critics denounced it as yet another freetrade deal that will help ship American jobs overseas.
The Trans-Pacific Partnership (TPP) will “promote economic growth” and “support higher paying jobs,” U.S. Trade Representative Michael Froman said.
The massive deal — which faces months of debate in Congress — would tie together nearly 40% of the world’s economy, from Canada to Chile to Japan to Australia; it would be the largest regional trade deal in history.
Obama said, “Congress and the American people will have months to read every word” before he signs the deal. “If we can get this agreement to my desk, then we can help our businesses sell more Made in America goods and services around the world.”
Critics, including Democratic presidential candidate Sen. Bernie Sanders, said employers will use the deal to move jobs to countries that have lower wages and fewer regulations.