The US’s government is not able to get the full support for the proposed 12-nation Trans-Pacific Partnership free trade agreement. The key issues debated include how the benefits of such free trade agreement will outweigh the costs arises. Some argues that removal of trade barriers will only make America’s firms less competitive and increasing outsourcing of US’s firms will further worsen the already weak US’s manufacturing firms. Higher unemployment rate and worsening balance of trade are unavoidable. These arguments are supported by the previous free trade agreements that US has signed, for example the NAFTA in the early 1990s. Instead of millions of jobs promised, US had lost 700,000 jobs to Mexico!
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May 2015
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