A month after announcing a major trade agreement with a group of Pacific Rim nations, the text of that deal has now been released on the internet by the White House, starting a two month review period in the Congress, and likely setting up a vote before Christmas on a deal that the Obama Administration argues will create new jobs and spur economic growth.
The full text of the deal can be found on the website of the U.S. Trade Representative; it includes a mind-numbing amount of detail about reduced tariffs in the U.S. and other nations.
“If you’re an autoworker in Michigan, the cars you build face taxes as high as 70 percent in Vietnam,” the President said in a statement arguing for approval of the trade deal.
“The Trans-Pacific Partnership will change that,” Mr. Obama added, as the Administration says it will end 18,000 tariffs and taxes overseas that make it difficult for American companies to sell their products.
Here’s just one snapshot of one page dealing with reduced tariffs, showing just how complicated the details of this plan are:
“I look forward to reviewing the details of the agreement that was released today,” said Speaker Paul Ryan in a written statement, who urged the White House to sell the details to Congress and the public.
“Enactment of TPP is going to require the administration to fully explain the benefits of this agreement and what it will mean for American families,” Ryan said. “I continue to reserve judgement on the path ahead.”
It will certainly be a test for the new Speaker, since most Democrats are expected to vote against the deal – and against the President – while business interests would like Republicans to carry the day for Mr. Obama on this issue.