The Trans Pacific Partnership Is An Asia Pacific Regional Free Trade Agreement

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“The Trans-Pacific Partnership is an Asia-Pacific regional free trade agreement currently under negotiation between the Unties States and about a dozen countries surrounding the Pacific Ocean” (Weddle, 2013). It’s a giant free trade deal that has been in the process of negotiation for about a decade. The ultimate goal of the deal is to join countries together through a unified agreement and make free trade among these counties smooth and painless. The trade agreement covers everything from tariffs to standards for food safety. If signed, this deal would affect many aspects of the economy. For starters, “Its provisions to enforce ‘intellectual property rights’ would strengthen patents restricting the availability of prescription drugs”…show more content…
Since over 95% of American’s manufacturing companies are considered to be small, with less than 100 workers, the trade agreement could be a crippling blow to the industry. American jobs will be lost and American workers will be laid off. Consumers will suffer, business will suffer, and ultimately America will suffer. Many argue that free trade will be beneficial for the economy, but exactly who is benefiting? America won’t benefit from this deal unless its export is greater than its import. Reports from 2014 show that the U.S. “imported $2.34 trillion in goods compared to exporting $1.62 trillion” (Nash-Hoff, 2015). This imbalance created a huge deficit over $720 billion, which is not even close to being beneficial for the economy or the nation as a whole. The Peterson Institute for International Economics “estimates that the TPP would add $77.5 billion of income to the U.S. economy by 2025” (Miller, 2015). Although this seems like quite a large amount of money, it actually only represents a gain of about 0.38% over the next decade. Some people believe this trade agreement will cause new jobs to spring up but, in truth, “a trade agreement does not on balance, create, or destroy jobs, it alters the composition of the workforce” (Miller, 2015). The income from the trade agreement wouldn’t even be a benefit to the workforce. A Center for Economic and Policy Research report looked into the matter and estimated that only the top 10% of workers in
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