The 12-nation Trans Pacific Partnership represents the biggest potential trade pact in the world. If passed, provisioins within TPP would have implications for industries from steel to coal, agriculture to cars and everything in between.
As the text of the agreement continues to be deciphered, news is emerging on support – or lack thereof –for the deal.
The United Steelworkers union has come out as fully opposed to the proposed Trans Pacific Partnership (TPP). A formal resolution was adopted and union members are being encouraged to campaign against the trade deal. With 1.2 million members in the USA and Canada, the USW is the largest industrial union in North America, involves workers across mining, minerals, automotive and more industries. Read more here.
Automakers have joined a list of other industries expressing reservation about the TPP. Though the Obama administration continues to indicate that there is overwhelming support, automakers are now skeptical about rules governing local content – a real concern in the USA since automakers consumer nearly a quarter of US steel production.
Support for TPP, however, continues to grow as the importance of trade rules influences the global economy. The operating rules that will govern TPP address State Owned Enterprises and behavior between them and the countries that run them. And though China is not a part of the TPP at present, the view among companies around the world is that this document might become the precedent for any future trade deals. For an in-depth look at how TPP might define behavior with State Owned Enterprises, click here.