Benefits and risks of the TTP

In this post I thought it would be helpful to provide a bit more background on the TTP and some of the benefits and risks involved with it. The Trans Pacific Partnership removes tariffs on goods and services and sets reciprocal trade quotas. "TPP focused on a suite of reforms that include liberalizing protected sectors, streamlining customs and regulations, strengthening intellectual property protections, promoting competitive and transparent business laws, and enforcing labor and environmental standards." This agreement will open markets and address issues in the global economy.

Pros

It boots exports and economic growth. All countries involved agreed to cut down on wildlife trafficking. Countries that don't comply face trade penalties. China is not involved, which will allow the U.S. and other countries an upper hand in trade in Asia. U.S. involvement in the TTP was expected to have an increase in income due to lower prices on purchased goods from countries involved in the TTP.

Cons

The TTP protects patents and copyrights, and it will raise the price of generic drugs. The U.S. labor movements argue that trade agreements will make it easier for corporations to take their labor offshore. When President Trump left the TTP last year he argued that the agreement would have accelerated the movement of U.S. manufacturing jobs offshore. 

https://www.cfr.org/backgrounder/trans-pacific-partnership-and-us-trade-policy 

https://www.thebalance.com/what-is-the-trans-pacific-partnership-3305581 

https://www.investopedia.com/articles/forex/052915/capital-and-labor-who-wins-transpacific-partnership.asp