This Saturday, President Barack Obama will arrive in China on to further his goal to have the Trans-Pacific Partnership approved. Recently, this ambition has been hindered due to the uncertainty in the American political arena, with both Donald Trump and Hilary Clinton expressing their opposition to the partnership.
The trade is a key factor in Obama’s bigger mission to turn U.S foreign policy in Asia’s direction and counter China’s rising economic and military might.
On Thursday, it was decided that the final verdict on the policy would be determined in the next year. As such, negotiations will take place during the new president’s run, which begins January 20.
The two candidates to succeed Obama are against the partnership because history has shown it will cost American jobs. However, Obama has stated that the TPP will boost labor and environment standards to rectify issues with past trade deals, like the North American Free Trade Agreement (NAFTA).
Obama also notes that the TPP plan will support large and small U.S companies, who can benefit from access to the worlds fastest-growing markets. With Canada on board for the partnership as well, this could also have positive ramifications for Canuck trade, as well.
The White House has said that failure to approve the TPP would hurt U.S. interests in Asia, where some leaders made politically tough decisions to advance the deal. Former U.S Trade Representative Susan Schwab has said that there is a slim chance of TPP passing, but it’s not impossible. As well as White House spokesman shared that polls demonstrate support from Americans for the deal.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
