DEPENDING on who is talking, the Trans-Pacific Partnership (TPP) is either the world’s most ambitious trade deal or the most dangerous. But these days a simpler description suffices: it is dead. With Donald Trump’s victory, America has abandoned TPP, in effect killing the trade pact that was a decade in the works and nearly complete. Amid all the unknowns about what Mr Trump’s presidency might mean, this is one of the few certainties.
The consequences are far-reaching. TPP’s collapse removes the main economic plank of Barack Obama’s much-hyped, largely abortive “pivot” to Asia. It leaves a gaping hole in the architecture of Asian commerce. And it adds to the strong headwinds that are buffeting global trade.
The chances that America would ratify TPP had already been dwindling because of growing opposition. If Hillary Clinton had won the election, Mr Obama might have made a last-ditch push during the lame-duck session of the outgoing Congress, which started this week. With the triumph of Mr Trump, who has called TPP a “terrible deal”, even that faint hope has vanished.
On the basis of size alone, TPP would have been...Continue reading
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