Nobel Prize Winner Critical of TPP

Nobel prize winning economist Joseph Stiglitz says it’s “absolutely wrong” for the U.S. to pass the trade deal known as the Trans-Pacific Partnership.

It will only help big corporations, not American citizens, he says.

“The advocates of trade said it was going to benefit everyone. The evidence is it’s benefited a few and left a lot behind,” Stiglitz told CNN’s Richard Quest on Quest Means Business Tuesday.

Both Donald Trump and Hillary Clinton are against TPP, a free trade agreement that President Obama has been pushing with 11 other Asian nations. China is not a part of the deal.

There’s a chance Obama might try one last time to get Congress to pass TPP. Lawmakers typically come back to Washington for a few days after the presidential election. It’s known as a “lame duck” session.

“I find that outrageous,” says Stiglitz. “To rush it through in a lame-duck session, I think, is absolutely wrong.”

via CNN

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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