Not a whole lot. $42.7 billion, by 2032 and 128,000 full-time jobs. Is it worth it?
I've heard Vietnam will get a 20% boost to their economy.
Read more at link
http://www.wsj.com/articles/study-pr...omy-1463614427
President Barack Obama’s signature Pacific trade agreement, which has come under intense fire in the 2016 election, would boost American agriculture and the services sector that dominates the U.S. economy but weigh on manufacturing, a nonpartisan government agency said Wednesday.
If ratified, the 12-nation trade agreement would likely lift U.S. gross domestic product by a small amount—0.15%, or $42.7 billion, by 2032—and increase employment by a net of 128,000 full-time jobs, according to the report from the U.S. International Trade Commission.
Signed in February, the Trans-Pacific Partnership, or TPP, would lower or eliminate tariffs and drop many other trade barriers between the U.S. and Japan, Canada, Mexico, Australia, Vietnam, Malaysia and five other countries around the Pacific, not including China.
U.S. food and agriculture would get a big boost from the TPP, which would lower barriers to U.S. exports to Japan and other countries. The services sector would get a $42.3 billion lift by 2032, including $11.6 billion for business services and $7.5 billion for retailers and wholesalers. But output in manufacturing would decrease slightly under the TPP, as the trade deal opens some U.S. companies to greater competition.
The U.S. trade balance with TPP countries would improve over 15 years, the ITC says, but the overall U.S. trade deficit is unlikely to change much due to the TPP.
In recent months the presumptive Republican presidential nominee, Donald Trump, and the Democratic front-runner, Hillary Clinton, have rejected the TPP.
Now Congress is unlikely to consider the deal, which requires majority votes in the House and Senate, before the November election.
Mr. Trump and Sen. Bernie Sanders, Mrs. Clinton’s Democratic rival, have slammed past trade agreements and blamed U.S. trade policy for the uncertain labor market and stagnant incomes that have hurt many of their supporters.