Trans-Pacific Partnership Deal Faces Populist Backlash

Investors Busniness Daily ^ | 10/05/2015 | JED GRAHAM

[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...

[expat_panama]

Yeah, we'll hear from the protectionists that anyone how hates taxes is a traitor, but it this is important folks! I mean, do you ever see me calling names and attacking first?

[jsanders2001]

I wish we lived in a world where our elected represenatives made choices that were for the good of America rather than their own pocketbooks and that of their fellow cronies. Everything is for the cause of greed now.

[expat_panama]

 

Good Morning profit takers!   After yesterday's almost 2% stock gain in fading volume futures now see more fading in prices -0.21%.  Metals are seen up tho, +0.32% and trading upwards nicely (gold and silver @ $1,138.60 and $15.74).  Trade Balance report comes out today, it's been falling lately (bigger deficit) which historically points to a growing economy.

News:

The More Ben Bernanke Writes, the More He Shrinks - John Tamny, RCM
With Lehman, Bernanke May Have Misled - A. Ross Sorkin, New York Times
Detroit: How the Motor City Lost Its Mojo - Bill Morris, The Daily Beast
No, Depressed U.S. Towns Don't Look Like Zimbabwe - Annie Lowrey, NY
How to Fix Jeb Bush's Corporate Tax Plan - Robert Pozen, RealClearMarkets
Obama Must Stand Up For Free Trade - Editorial, Investor's Business Daily
Bernie Sanders Awakens U.S. to Inequality - Margaret Talbot, New Yorker
Why CEO Pay Is Going to Remain Very High - David Peetz, New Republic
How High Tax Rates Discourage Philanthropy - Rex Sinquefield, Forbes

[expat_panama]

 

Good Morning profit takers!   After yesterday's almost 2% stock gain in fading volume futures now see more fading in prices -0.21%.  Metals are seen up tho, +0.32% and trading upwards nicely (gold and silver @ $1,138.60 and $15.74).  Trade Balance report comes out today, it's been falling lately (bigger deficit) which historically points to a growing economy.

News:

The More Ben Bernanke Writes, the More He Shrinks - John Tamny, RCM
With Lehman, Bernanke May Have Misled - A. Ross Sorkin, New York Times
Detroit: How the Motor City Lost Its Mojo - Bill Morris, The Daily Beast
No, Depressed U.S. Towns Don't Look Like Zimbabwe - Annie Lowrey, NY
How to Fix Jeb Bush's Corporate Tax Plan - Robert Pozen, RealClearMarkets
Obama Must Stand Up For Free Trade - Editorial, Investor's Business Daily
Bernie Sanders Awakens U.S. to Inequality - Margaret Talbot, New Yorker
Why CEO Pay Is Going to Remain Very High - David Peetz, New Republic
How High Tax Rates Discourage Philanthropy - Rex Sinquefield, Forbes

[expat_panama]

dang, I hate it when it does that!

[expat_panama]

dang, I hate it when it does that!

[Enlightened1]

Yeah it’s so great and that’s why they have to hide it from the public.

[expat_panama]

... the good of America rather than their own pocketbooks...

A lot of ways to interpret that.  How should we apply that to trade tax policy?

[expat_panama]

...hide it from the public.

Huh.  You don't know what it is but you're against it.  'Spose that's how it works w/ most people...

[Lockbox]

Look's like Obama has turned into the Job Nazi.......

"No job for you!"

"Next!"

[The Sons of Liberty]

Trans-Pacific Partnership Deal Faces Populist Backlash

Does ANYONE believe those bastards in DC still follow the wishes of the people, when there's millions in bribes to be collected?

[odawg]

“... when there’s millions in bribes to be collected?”

The amount of money required to entice the average senator to sell his soul is chicken feed to the Soros crowd.

[P-Marlowe]

Yeah, we'll hear from the protectionists that anyone how hates taxes is a traitor, but it this is important folks! I mean, do you ever see me calling names and attacking first?

Explain to me in the light of the fact that this is Obama's deal how it can possibly be good for the United States?

[Buckeye McFrog]

Trump appears to be the only GOP candidate who is likely to oppose this deal.

[Mr. Jeeves]

I think the concept of a TPP is fine, and the countries involved are fine. It's just that with the secrets being kept, no one knows what is actually being agreed to. There is no way the Chamber of Cronies wants a proper result like abolition of all tariffs between the partners - they want to manipulate tariff schemes to benefit their own interests and punish their competitors.

The sad thing is, the TPP could be a great example of a real free trade agreement with genuinely free trade between the partners. But we can be certain that isn't what we are going to be getting.

[expat_panama]

...this is Obama's deal how it can possibly be good for the United States?

Aw come on, Obama's had a lot of great deals. 

Back in '07 he was saying that a debt over $8T was "unpatriotic" as he voted to shut down the government, then in '08 he said that marriage was something only for "one man and one woman", and a year later he voted to extend the '03 tax cuts because lower taxes were "good for the economy".

His current import tax cuts are good too.  Like, if you really think big tax bills are so great then I'm always willing send you mine...

[Enlightened1]

How can you be for something that is hidden from the public???? If it’s so great, then why are they hiding it? What do they not want us to see?????

The fact that they HIDE IT FROM THE PUBLIC.... Just like OBAMACARE, and you still support it?

Did you forget the notorious line of you will have to pass it to find out what is in it???

Rumor is that it’s a Carbon Tax, and just think you are for it.....

I guess you believe in the Global Warming Lie?

[P-Marlowe]

I think it would be wise for the US to reject this deal and then wait for President Trump to renegotiate it.

[expat_panama]

...no one knows what is actually being agreed to...

That's what Enlightened1 was saying up in post 7, but I really don't know y'all are getting this.  The article was crammed w/ mind-numbing specifics and everything we got so far is here.  What we don't know about yet is what doen't exist yet because there's no agreement.  When we do get an agreement we'll read it and then tell congress how to vote on it. If someone's tagged something in that we don't want we can kill it then ---because of what we know is there and not what we're pretending is there. In the mean time what we do see is what we do want so let's go for it..

[expat_panama]

wait for President Trump to renegotiate it.

--and in the mean time you'll be happy to pay my high import taxes?  How about we lower import taxes now and let President Trump raise our taxes later.  Maybe I'll have enough saved up by then.