President Obama’s gambit in Asia has officially failed and opens the door for China to control trade agreements in the Far East
Despite the fact that President Obama was able to get 12 Asian and South American countries to initially sign onto the Trans-Pacific Partnership (TPP) trade agreement last year, events leading up to and including the election of Donald Trump have now made confirmation of the TPP a dead issue.
Back in late 2015, 12 nations which include:Â Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam became signatories of the TPP during the APEC Summit. Â However, the bravado which Barack Obama hoped would become part of his Presidential legacy was merely a facade since six of the 11 countries were already members of the ASEAN partnership that is controlled by China.
However, as with all treaties Congress is required to confirm the works forged by the Executive Branch, and to date they have yet to sign off on the historic trade agreement. Â And it is this delay, along with the people of the United States themselves rejecting the TPP through the electing of Donald Trump, that has pretty much killed the TPP going forward.
Australia dumps TPP:
Australia is throwing its weight behind Chinaâs efforts to pursue new trade deals in the Asia-Pacific region amid a growing acknowledgement the US-led Trans-Pacific Partnership agreement is dead in the wake of Donald Trumpâs election victory.
Steven Ciobo, Australiaâs trade minister, told the Financial Times that Canberra [Australiaâs Capital] would work to conclude new agreement among 16 Asian and Pacific countries that excludes the US. – Mish Talk
Then Vietnam on Nov. 17:
“The United States has announced it is suspending the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification,” Prime Minister Nguyen Xuan Phuc told the National Assembly, according to Reuters.
The TPP deal is a project of incumbent US President Barack Obama aimed at increasing American exports. The future of the trade deal is highly uncertain in the Republican-dominated Congress and with President-elect Trump calling the project a “disaster”.
“TPP is now in the history dustbin for sure,” Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, told Politico last week. – Russia Today
And finally Thailand:
Deputy Prime Minister of Thailand Somkid Jatusripitak said Thursday he believed the US potential refusal to ratify the Trans-Pacific Partnership (TPP) agreement could be beneficial for Thailand.
“The pact, if implemented, may cause troubles for exports to countries that are not TPP members. We hence see that it could be beneficial if the pact is aborted,” Somkid was quoted as saying by the Bangkok Post newspaper.
According to Somkid, the TPP requirements were rather hard to meet, especially in the spheres of the pharmaceutical industry and agriculture, while it would create risks for the Thai small businesses in those spheres. – Sputnik News
The death of the TPP comes in the wake of Europe’s opposition to their own version of the trade agreement, which is known as the Trans-Atlantic Trade and Investment Partnership (TTIP). Â Both of these compacts were more than five years in the making, and although completely secret from the public, leaked parts of their structures showed that the trade pacts were meant to usher in the next stage of globalism and provide multi-national corporations near sovereign authority over government policies.
Just like with the alliances that 100 years ago led first to a global war, and ended with the breakup of three empires in favor of nation state sovereignty for dozens of countries, so too is the rejection of the TPP and TTIP a movement towards individual sovereign control over that of empirical global authority. Â And while the biggest loser in all of this is of course Barack Obama and his legacy to end his tenure in office with a trade deal that would last for decades, the real winner is that of China, who’s offer of different types of free trade agreements are flourishing throughout Asia, and may one day soon co-opt most of Europe into their sphere of influence.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.