Home/FX/Newsfeed

TPP and TTIP Trade Deals Won’t be Fast Tracked by US

Share Print 0

Efforts to introduce US trade deals with Europe and Asia have been dealt a blow after a vote in the Senate.

Late on Tuesday, senators rejected a bill that would allow the president to speed trade deals through Congress.

This means that Barack Obama will not be able to fast-track trade pacts such as the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP).

The Senate voted 52 to 45, eight votes short of the 60 votes needed to pass.

The move sets back the adoption of the TTIP, a trade agreement between the US and European Union.

The aim of TTIP is to boost the economies of the EU and the US by removing or reducing barriers to trade and foreign investment. Some are concerned that TTIP could undermine governments’ right to regulate in the public interest.

TPP is a similar potential US trade pact with Asia and South America. It aims to boost growth in 12 countries in a trade zone covering 40% of the world economy through the slashing of tariffs.

The fast-track bill is vital for the creation of the TPP, according to a government spokesman in Japan.
The trade partnerships had been billed as a legacy-defining achievement for President Obama, but he has faced opposition from within his own party and labour unions.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

, , , , , , , , ,
Back to Top