President Obama promoted the Trans-Pacific Partnership in his weekly address Saturday.
“Right now, other countries charge foreign taxes on goods that are made in America,” Obama said. “Japan, for example, puts a 38 percent tax on American beef before it even reaches the market. Malaysia puts a 30 percent tax on American auto parts. Vietnam puts taxes as high as 70 percent on every car American automakers sell there.”
“TPP is going to change that,” Obama asserted. “It eliminates more than 18,000 of these taxes on American goods and services. And that way, we’re boosting America’s farmers, ranchers, manufacturers, and small business owners — make it easier for them to sell their products abroad.”
The controversial trade agreement includes 11 Pacific Rim nations and the United States and would eliminate more than 18,000 tariffs imposed on American exports. The proposed text of the agreement has yet to be released, though the Senate will be called to ratify it next year.
After more than five years of negotiations, the prospective signatories finished a final document on Oct. 5. Those signatories include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The deal has met with bipartisan opposition from Democrats who say it doesn’t do enough to protect workers’ rights and Republicans who say it perpetuates a high American trade deficit. Democratic presidential candidate Hillary Clinton has said she tentatively is against it, as has Republican front-runner Donald Trump.
