Failure or Success? – TPP and TTIP Have Been Terminated

failureIt’s only been a few days since the United States president was declared, but things are not starting to go down the hill just yet. Maybe the Trump administration will manage to not bring just failure to the nation from the very beginning.

Failure to Continue the Old Administration

The Pacific Trade Deal is over. Both Republicans and Democrats reached the conclusion that now Obama’s administration can not advance by any means.

Why? Mostly because our new president will oppose it for sure.

These are the news. Reports have it that, within his first 100 days of office, Trump will put an end to all trade deals.

TPP is only the beginning. TTIP might also be on his list.

This is all true. Immediately after the White House announced that they are dropping the TPP, the TTIP fell as well.

The Wall Street Journal had this to say:

“The failure to pass what is by far the biggest trade agreement in more than a decade is a bitter defeat for Mr. Obama, whose belated but fervent support for freer trade divided his party and complicated the campaign of Mrs. Clinton. The TPP’s collapse also dents American prestige in the region at a time when China is flexing its economic and military muscle.”

Bloomberg released new pieces of information. According to Cecilia Malmstrom, European Union Trade Commissioner, the conventions between EU and U.S. are going to face an “indefinite hold”.

A lot of changes coming up with the new election.

“There will be a natural pause, of course, while we wait for the next administration; then, for quite some time TTIP will probably be in the freezer. Then what happens when it’s defrosted, I think we will need to wait and see. I don’t see the resumption of any TTIP negotiation in quite a long time. Whether it makes sense to have new rounds — well probably not.” 

A Good Change Or a Bad One?

At this point, we will lose everything that the TTIP was able to achieve. After three years of efforts, all gone: no more enlarged service markets and no more goods free of tariff.

Both Obama and Angela Merkel did refer to the TTIP as a “policy priority”.

On the other hand, The Guardian claims something else. They say that these agreements were not public, and not even the Congress knew about them.

“Yet that doesn’t seem to be the position of the “most transparent administration ever”. While lobbyists are given a free hand to help write the deals, even members of legislative bodies have to jump through absurd hoops just to lay eyes on the document. Draconian restrictions were put on US members of Congress if they wanted to view TPP while it was in negotiation, so much so that they were even threatened with prosecution if they talked about it. And Time magazine just reported on what Katja Kipping, a member of German parliament, had to do to see the latest version of TTIP. This included agreeing to a restricted reading time of just two hours, having a guard breathing down her neck the entire time and not sharing the contents of the agreement with anyone.”

But there is hope. President-elect Donald Trump openly declared his disapproval about the deals. All we can do now is wait and see if he will stay true to his words.

After all, are Trump’s actions a failure?

The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

Paid content

What's New Today