The U.S. and 11 other Pacific Rim nations have struck the largest trade deal in a generation. The wide-ranging Trans-Pacific Partnership sets new rules for labor and environmental standards and reduces and phases out thousands of tariffs on American producers, among other provisions. But there’s substantial opposition to the accord. Jeffrey Brown learns more from Greg Ip of The Wall Street Journal.
The United States and 11 other countries reached agreement Monday on a massive free trade deal that will lower trading barriers and set common standards among Pacific Rim countries that together account for nearly half of the world’s global output. News of the landmark trade agreement was announced Monday in Atlanta. Now it’s up to lawmakers in all of the countries to determine if the terms of the Trans-Pacific Partnership, or TPP, is in their country’s best interests. Mil Arcega has more.
While proponents of the recently agreed upon Trans-Pacific Partnership say it will benefit consumers in the Pacific Rim, critics like The Big Picture’s Thom Hartmann say the trade deal will have more of a negative impact across the board. He talks to Manila Chan about what we know so far.
South Carolina is reeling from the worst flooding in recorded history that forced residents from their homes and left thousands without drinking water and electricity. Parts of the state, including the capital, Columbia, received about 60 centimeters of rain in just a couple of days. Authorities warn that the end of rain does not mean the end of danger, as it will take days for the water to recede. Zlatica Hoke reports.
Twelve countries have agreed to the largest trade deal in history, signing up to the Trans-Pacific Partnership after years of secret negotiations. It aims to counter the might of China and will cut trade barriers affecting everything from the price of cheese to the cost of cancer treatments.But the deal is highly controversial, as Al Jazeera’s Patty Culhane explains.
Why has the Obama administration kept the Trans-Pacific Partnership agreement text secret from Congress and the American people? A newly leaked TPP chapter reveals at least one huge reason: The TPP text proposes creating tribunals (courts) that could overrule the decisions of our state and federal courts, as well as our local, state and federal laws — and our state and national constitutions.
The tribunals would be presided over by arbitrators (judges) appointed by the secretary-general of the International Centre for Settlement of Investment Disputes (ICSID), an institution of the World Bank Group. The ICSID is housed at the World Bank’s headquarters complex in Washington, D.C. The ICSID receives its funding from the World Bank, and the ICSID’s governing Council is chaired by the president of the World Bank. So the proposed TPP tribunals are, in essence, a means for transferring judicial authority over vast areas of domestic law to “arbitrators” picked by the World Bank — and the central bankers and the giant commercial/investment bankers that run the World Bank.
The World Bank says extreme poverty will fall to less than 10 percent this year.Presenter: Laura Kyle Guests: Aly Khan Satchu – CEO of Rich Management and Emerging Economy Specialist. Deborah Hardoon – Deputy Head of Research on Poverty and Inequality at Oxfam. Yan Randolph – Director of Sovereign Risk Analysis at IHS Global Insight.
Thom Hartmann responds to a piece by James Delingpole at Breitbart.com in which he criticizes Thom for suggesting people who push climate change denial should be charged under federal racketeering laws.
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