The increasingly discredited Trans Pacific Partnership trade deal has been dealt another blow, this time from within the US government itself. The US International Trade Commission has just issued a massive 792-page review of the TPP, which found that the impact could be marginal at best for the US economy.
The commission is an independent body charged with overseeing the US tariff schedule and advising on trade-related matters, so its underwhelming conclusions are deeply damaging for proponents. It has concluded that the deal would add just 0.15% to US economic output — or around three weeks of normal US economic growth — by 2032, the 15th year after the deal, if it is ever ratified, would come into effect. The report also found it would add the equivalent of 128,000 full-time jobs, or 0.08% (yes, 0.0008) of the US current workforce while real income would be US$57.3 billion, or 0.23%, higher. The biggest beneficiaries of the deal would be the US agriculture industry, with farm exports likely to increase by US$7.2 billion, or 2.6%, by 2032.
According to the commission, the TPP would produce a US$15.2 billion, or 0.9%, increase in exports by the manufacturing, natural resource and energy industries. But it would also lead to a small number job losses, ranging from 0.3% to 1.3%, in sectors like chemicals, textiles and auto parts, as imports grew more than exports in those sectors. “Output in manufacturing, natural resources, and energy would be $10.8 billion (0.1 percent) lower with the TPP Agreement than it would be compared with baseline estimates without the agreement.”
Handily, page 39 of the report makes it clear that US firms will be able to go after the Australian government via investor-state dispute settlement provisions:
“The TPP Investment chapter provides new protections for U.S. investors abroad, primarily in the five TPP parties with which the United States does not already have a FTA, so TPP could promote some new U.S. investment… Because the U.S. economy is already substantially open to foreign investment, it is unlikely that TPP would generate significant new investment flows into the United States. The Investment chapter’s Investor-State Dispute Settlement (ISDS) mechanism benefits U.S. investors in the five new TPP parties, but also in Australia; the U.S.-Australia FTA did not include ISDS.”
The commission report confirms the World Bank’s report in January that showed virtually negligible economic benefits for the United States — and Australia — from the deal. Even the Australian government’s own wafer-thin justification for the deal released last year by government bureaucrats in the Department of Foreign Affairs and Trade couldn’t identify any significant benefits.
None of the current presidential contenders — Hillary Clinton, Donald Trump or Bernie Sanders — support the TPP. The only chance of its passage through Congress in Washington (and thus, to come into effect at all) is in the “lame duck” session between the election day in November, when a new House and a third of the Senate will be elected, and January 3, when the new Congress will assemble for the start of its regular session. There will be no consideration of the deal between now and election day — Republicans don’t believe it offers enough to the US, and Donald Trump outright opposes it, while Democrats are traditionally more opposed to trade deals.
In the event the TPP is passed, the primary beneficiaries, it seems, will be US corporations would be able to sue Australia for any policy change that they could argue might disadvantage them.
Is not the TPP intended to leave China out in the cold?
“Piggy in the Middle”? There’s their TTIP on the other side – with Europe?
This doesn’t tell us anything that we didn’t already know, the TPP is a dud for Australia. As are all the FTAs that this govt has instigated.
As are all FTAs that any Australian government has signed, Jane. No FTA was ever written to benefit ordinary people. No Free Trade Agreement was ever about free trade, either. All protect status quo commercial interests – and seek to expand them.
Silly rabbit. The TPP isn’t written to benefit countries, it’s written to benefit stateless, multinational corporations.
The ‘EMPIRE’* STRIKES BACK against Huge Indirect Taxes to pay for Tribunal’s (‘Death-Star-Chamber) Punitive Penalties?
*the ‘harmless’ citizens of the Anti-Global Corporate Economy
TPP, CETA, TTIP & the other Global Corporate treaties/’arrangements’; Japan; ‘The Submission’ to The Supreme Court of Canada paves the way for Expanding & Improving the basis of the Yamada led ‘Sword & Shield’ Counter-attack Suit against the Japanese gov’t., Corporates America & Canada, or, their ‘harmless’ citizens, et al. TPP & other Global Corporate Treaties/’Arrangements’ signatory Gov’ts. in Conflict of Interest. Potential Investors look to Courts & elsewhere, not Trade Tribunals.
TPP, CETA. et al, Just in Time to protect Monsanto’s carcinogenic ‘Round Up’ Herbicide & other Toxic products & Foods; the Future of ‘Legal’ Poisoning of harmless Customers starts NOW. Taxes Cut as Gov’ts pass Lawsuit Costs to harmless citizens?
If the ‘Agreements’ are anything other than a schedule of reducing tariffs then it’s not about ‘Free’ Trade but ‘Enslaving’ Trade?
Why haven’t the Citizens of the Global Corporate economy been given enough info to balance the potential for Employment versus the amounts they will have to Pay for Costs of ‘Trade’ Tribunals’ Punitive Penalties (Indirect Tax), etc.?
Under what circumstances will China (BRICS), et al, Consider Funding Anti-TPP Investment Litigation?
(CAN.) – The TPP & the other global corporate treaties/’arrangements’ provides that the signatory governments will, not only, be no longer able to sue corporations for not adhering to the laws of their host countries & thereby, replace the desire of American lead corporations for tort reform with tort abolishment, but the TPP will also place the signatory governments in positions of a conflict of interest in regard to their own harmless citizens who are being forced to find their own, non-governmental means of enforcing existing & future laws that have been passed by way of:
1) the secrecy of unethical lobbyists for the benefits of their wealthy corporation clients & their shareholders, &/or, 2) the ethical desire to compete with other countries by passing laws that protect & enhance the well-being of its citizens regarding their health care, education, worker safety, environment, transfer payments, etc.
However, it seems that it is only recently that the harmless citizens of Japan are learning that due to Corporate Canada’s, &/or, the government of Canada’s, anxious desire to impress its TPP corporate associates, &/or, the citizens of Japan, et al, with:
1) its unencumbered access to the natural resources that are continuing to be discovered in Canada,
2) its ability to ‘manage’ Native Canadians in regard to accessing the aforementioned natural resources in Canada & 3) et al,
Corporate Canada, &/or, the Canadian government has misinformed its corporate associates & deprived its corporate associates of due diligence information (eg. the Canadian government, et al, is continuing to deprive Native Canadians, et al, of the information & questions in The W.A.D. Accord), which will greatly affect the costs of developing the aforementioned natural resources, and thus, as a consequence of Corporate Canada’s, &/or, the Canadian government’s actions it has given the harmless citizens of Japan, et al, the basis for:
1) not only, suing Corporate Canada, &/or, the government of Canada, via the Canadian government,
but for:
2) also expanding & improving upon Mr. Yamada’s existing suit against the Japanese government, &/or, Corporate Japan, et al, as well.
And, thus, Corporate Canada, via their lobbyists to the Canadian government, are most anxious to escape from their liabilities by a rapid ratification of the TPP, et al.
Therefore, the Japanese group, led by Mr. Masahiko Yamada, who are suing their government regarding the Trans-Pacific Partnership on behalf of themselves & the citizens of Japan, might seriously consider suing Corporate Canada, in order to ensure that they, the harmless citizens, do not end up having to ‘contribute’ any of their tax dollars to pay for The Compensation in The W.A.D. Accord, et al, & thereby, prevent Corporate Canada from escaping its liabilities by way of the ratification of the TPP, et al.
Furthermore, by suing Corporate Canada &/or, the government of Canada, by Mr. Yamada’s group, would enable the harmless citizens of Japan as a ‘sword’ & a ‘shield’ to prevent the government of Japan from using any of tax dollars of the harmless citizens of Japan to further punish the harmless citizens, ie. the ‘shield’ & to provide the monies necessary from the punitive damages, on an on-going basis, to continue to fight the future capricious forays & assaults against the harmless citizens’ democracy and counteract the damages to it, etc. caused by Corporate Japan, the government of Japan, et al, ie. the ‘sword’.
Do the other signatories of the global corporate treaties/’arrangements’ understand how corporate Canada (Corp. Can. East; Liberals & Trudeau and Corp. Can. West; Conservatives & Harper) is continuing to try & avoid its liabilities from its information deprivation (eg. The W.A.D. Accord & The MERKEL {Chancellor of Germany} Letter) & trying to pass its liabilities on to its global corporate associates, their citizens and the citizens of Canada?
Please see the reference material below:
‘The Submission’ to The Supreme Court of Canada: ‘The SHAREHOLDERS & Corporations of JAPAN, America, China, Canada, the EU, the Trans-Pacific nations, et al, v. the (harmless) Canadian NON shareholders, both; Native & non Native, et al’ (see; davidehsmith.wordpress.com)
which includes, amongst other considerations: 1) The W.A.D. Accord & its Compensation, 2) ‘The MERKEL (Chancellor of Germany) Letter; To Sue, or, Be Sued?’ & 3) et al.
‘The Submission also considers, amongst other consideration: 1) what is a ‘good corporate citizen’ & 2)how to make those corporations that are not good corporate citizens conform, or, make the corporations persona non grata.
The letter to Prime Minister Shinzo Abe, ‘Prime Minister Abe; You’ve been Served with; The NOTIFICATION of Pre-existing CHALLENGE to The TPP’, was sent separately.
Please also see; ‘The Basis for Litigation & Litigation Funders; Suing the Global Corporate Economy’. *** Mr. Yamada & the citizens of Japan, I look forward to reading about your thoughts, your questions, your feelings, your improvements, etc., regarding the enclosed.
If you should have any questions, or, problems with the enclosed questions & information, &/or, any other related material, I can be contacted via davidehsmith.wordpress.com
David E.H. Smith
– Researcher
– ‘Qui tam…’