Ratify The TPP

Daniel Ikenson on the Trans-Pacific Partnership:

If implemented, the deal would eliminate tariffs on 90 percent of regional trade immediately, open growing Asian services markets to U.S. providers, prohibit customs duties on electronic commerce, expand Americans’ access to imported goods and services, and reinforce the institutional architecture that has enabled the rules-based, global trading system to flourish under U.S. leadership since the end of World War II.

Acknowledging some “baked-in protectionism” exists, Cato determined 15 of the 22 chapters in the agreement were trade liberalizing and would produce a modest increase in real income. But what are its chances of ratification?

But one major hurdle remains — Congress has not yet ratified the TPP, and prospects for doing so are extremely limited. The politics behind the fate of the TPP are more fluid than this suggests, but Congress will either consider implementing legislation in the Lame Duck session — between November 14 and December 23 — or it won’t. Congressional Republican leadership has rejected the idea of a Lame Duck vote, claiming a lack of support for TPP.

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