Obama promotes pacific trade pact in weekly address

Oct 14, 2015 U.S. President Barack Obama recently touted the benefits of the Trans-Pacific Partnership trade deal on his weekly address. According to him, those opposed to the deal are just accepting the status quo which puts America at a disadvantage.

“Hi, everybody. This week, after five years of effort with eleven other nations, we reached agreement on a new trade deal that promotes American values and protects American workers. There’s a reason this Trans-Pacific Partnership took five years to negotiate. I wanted to get the best possible deal for American workers. And that is what we’ve done. Here’s why it matters.

Ninety-five percent of the world’s consumers live outside our borders — 95 percent. They want to buy American products. They want our cars; our music; our food. And if American businesses can sell more of their products in those markets, they can expand and support good jobs here at home”

The TPP deal aims to liberalize commerce in 40 percent of the world’s economy and would be a legacy-defining victory for Obama.

Outdated trade rules put our workers at a disadvantage. And TPP will change that.

Right now, other countries can cut their costs by setting lower standards to pay lower wages. This trade agreement, TPP, will change that, holding partner countries to higher standards and raising wages across a region that makes up nearly 40 percent of the global economy.

Right now, other countries charge foreign taxes on goods that are made in America. Japan, for example, puts a 38 percent tax on American beef before it even reaches the market. Malaysia puts a 30 percent tax on American auto parts. Vietnam puts taxes as high as 70 percent on every car American automakers sell there. Those taxes and other trade barriers put our workers at a disadvantage. It makes it more expensive to make goods here and sell them over there. Well, TPP is going to change that. It eliminates more than 18,000 of these taxes on American goods and services. And that way, we’re boosting America’s farmers, ranchers, manufacturers, and small business owners — make it easier for them to sell their products abroad”

President Obama has expressed confidence that the deal will pass through Congress. However Republican Senator Orrin Hatch has aired his concerns, which means quite a few votes could be lost.