Essay about The Trans Pacific Partnership ( Tpp )

Essay about The Trans Pacific Partnership ( Tpp )

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Over the past few decades, free trade has been seen by neo-liberalists as an excellent way to ensure economic growth and development. So for the past few years, the United States and 11 other nations have been negotiating the Trans-Pacific Partnership (TPP), an economic trade agreement that would promote economic progress and cooperation. Supporters of this trade pact argue that the TPP would foster economic growth, assert American influence over Chinese influence, and help improve environmental and labor laws among participating countries. However, critics of this agreement content that this deal will lead to American job losses and trade deficits, pharmaceutical monopolies on drugs and drug prices, and the lack of protection against currency manipulation. Given the vast disparity of arguments regarding the TPP, the TPP does is not beneficial trade pact and should not be ratified by the United States.
Proponents of the TPP have always long argued that one of the main reasons to ratify this agreement is that it will lead to economic prosperity; both in America and abroad. The first provision of the TPP that would help foster economic growth is the vast reduction in trade barriers among participating nations. As of now, many countries place large amounts of tariffs on goods when trading with the United States. For example, Malaysia places a “40% tariff on US poultry” (Krist, 2015), while other tariffs on American goods are as a high as “59% on U.S. machinery, up to 70% on automotive products” (Davidson, 2015). But with the TPP, the 12 nations would eliminate virtually all of these trade barriers among themselves, but with a few minor exceptions. In fact according to U.S. trade representative, Michael Froman (2015), these trade tar...


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...e U.S. will experience from the deal is only “0.4% by the year 2025” (Petri, 2025), which is hardly a convincing amount of economic growth to justify such a far-reaching trade deal. Secondly, the TPP is yet another free trade agreement that promises to bring growth and higher wages to America. But like other free trade agreements, the TPP will send American jobs overseas to countries whose minimum wage is far below that of the United States. The resulting exit of American jobs will lead to more trade deficits, like the ones seen before in Mexico and China. Finally, the TPP would give large pharmaceutical companies an even larger monopoly over generic drug companies that would result in higher drug prices worldwide. Simply put, as noble as its intentions are, the Trans-Pacific Partnership would do more harm than good to the participating countries and their citizens.

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