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Thursday, 23 July 2015

Why everyone hates Obama's signature trade deal


After years of painful, drawn-out meetings, negotiators are preparing for what could be the final round of talks over the biggest free trade deal in history, the Trans-Pacific Partnership. Even as the deal nears completion, plenty of groups are trying to scuttle the agreement. Here are five reasons why almost everyone hates the Trans-Pacific Partnership, or TPP: 1. Free trade deals are political kryptonite It's no secret: free trade deals are difficult to get through the U.S. Congress. The TPP's predecessor, the North American Free Trade Agreement, came into effect in 1994. Two decades later, it's still a political flashpoint. Supporters say the deal has helped countless small and medium-sized businesses, while opponents say it resulted in thousands of American jobs being shipped overseas. This time around, opponents are worried about the same issues -- just on a larger scale. The TPP would link a dozen countries -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, U.S. and Vietnam -- encompassing 40% of global GDP. Despite the controversy, this is a deal that President Obama wants to sign before leaving office. 2. Protection for workers The White House and Republicans say the TPP will make it easier for millions of people around the globe to buy American-made goods, which should create jobs. But Democrats and unions say that free trade deals haven't benefited workers at home, and this one would instead entice U.S. companies to move jobs abroad. "This agreement would force Americans to compete against workers from nations such as Vietnam, where the minimum wage is $2.75 a day," wrote Democratic Reps. George Miller, Rosa DeLauro and Louise Slaughter in an op-ed last year. "It threatens to roll back financial regulation, environmental standards and U.S. laws that protect the safety of drugs we take, food we eat and toys we give our children.

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