Obama's legacy suffered another humiliating defeat as the global pro corporation trade deal he was pushing is now officialy dead after congressional leaders from both parties say they will not support it in the wake of Trump's win.
White House officials conceded on Friday that the president’s hard-fought-for Trans-Pacific Partnership (TPP) trade deal would not pass Congress, as lawmakers there prepared for the anti-global trade policies of President-elect Donald Trump.
The deal has supporters in both parties but became a campaign symbol for lost manufacturing jobs, especially in the rust belt states.
The TPP would have included the US and 11 countries in Asia, South America and the south Pacific, and was designed in large part to curb the growing economic influence of China.
The Trans-Pacific Partnership (TPP) was the biggest trade deal that was ever created, which will impact the lives of over 800 million people all across the world, 40% of world's economy and 12 counties including the US, Australia, Japan, Canada and Mexico, was drafted behind closed doors and in complete secrecy, away from the public eye and scrutiny. There was a good reason for keeping it such a secret.
Advisers who were asked by the US government to review it in secret have slammed it as being extremely pro corporations and not in the interests of the US and other countries which will sign it.
Michael Wessel was one of the advisers who was asked by the US government to review what he said were woefully inadequate portions of the document. Wessel said the thrust of the TPP does nothing for Americans or people living in other countries.
“This is about increasing the ability of global corporations to source wherever they can at the lowest cost,” he said. He also added that "We should be very concerned about what's hidden in this trade deal—and particularly how the Obama administration is keeping information secret even from those of us who are supposed to provide advice".
Obams's other major Trade agreement, this one with the EU and with Europe, the "TTIP", is also considered to be not feasible anymore.
Speaking in Brussels, Cecilia Malmstroem, the EU Trade Commissioner, said on Friday that: “TTIP will probably be in the freezer for quite some time and then what will happen when it is defrosted."
Both TPP and TTIP would have allowed foreign corporations to sue countries for actions that undermine their investment “expectations” and hurt their business. This trade agreements would have essentially transfered power from nation states to multi national corporations, all under the guise of "free trade".
The recent developments are all due to the recent results of the US elections, where president elect Donald Trump ran on an anti free trade agreement platform, which called for the abolishment of TTIP and TPP.