TPP Update

Connecting the Dots Between Voters and Unfair Trade

In a press statement, CWA pointed out that working families are clear in their rejection of the Trans-Pacific Partnership:

The March 8 presidential primary results are the latest evidence that the American people will not accept the Trans-Pacific Partnership (TPP). Voters rightly see the TPP as another trade deal in a string of many that would enrich big corporations at the expense of working families and their communities.

The TPP's chance of passing Congress was already on life support, and last night's primary results are another sharp lesson to elected officials, if they are paying attention. As exit polls showed, opposition to business-as-usual trade policy is broad and deep and shared by Democrats, Republicans and Independents.

The message to elected officials and candidates is clear: if you want to stand with the American people, you must take a stand against the TPP.

EPI Study: TPP Will Make Current Trade Deficit Worse

A new analysis by the Economic Policy Institute found that the United States already is running a rapidly increasing trade deficit with the 11 other countries that would form the Trans-Pacific Partnership.

In 2015, the U.S. deficit with TPP countries translated into 2 million U.S. jobs lost, more than half, or 1.1 million, in manufacturing, EPI said. Job losses occurred in every state. Other industries that lost jobs are: health care and social assistance (204,200 jobs, 10.1 percent); retail trade (142,800 jobs, 7 percent); accommodation and food services (101,800 jobs, 5 percent); finance and insurance (42,700 jobs, 2.1 percent); agricultural industries (41,600 jobs, 2.1 percent), and education services (37,300 jobs, 1.8 percent).

A driving force behind this growing trade gap is the lack of measures to address the currency manipulation of U.S. trading partners. The TPP has no language to deal with currency manipulation, which occurs when a country artificially depresses the value of its currency to boost its exports and make imports from the U.S. and other countries more expensive, EPI said.

Malaysia, Singapore and Japan are known currency manipulators, and Vietnam looks to be following suit. Other countries that engage in currency manipulation, like China, are looking to join the TPP.

Read more here.