TPP failure would cost the US trade dominance

[terranMarine]

Only made in Japan, made in Taiwan, made in China products sounds cool - awesome. Who the heck wants the label made in India?

 

[lonelyman]

The Trans-Pacific Partnership is dead, Schumer tells labor leaders
By Mike DeBonis, Ed O'Keefe and Ana Swanson November 10 at 4:10 PM


The Senate’s soon-to-be top Democrat told labor leaders Thursday that the Trans-Pacific Partnership, the trade deal at the center of President Obama’s “pivot” to strengthen ties with key Asian allies, will not be ratified by Congress.

That remark from Sen. Charles E. Schumer (D-N.Y.), who is expected to be the incoming Senate minority leader, came as good news to the AFL-CIO Executive Council, which met Thursday in Washington. Schumer relayed statements that Republican congressional leaders had made to him, according to an aide who confirmed the remarks.

Obama’s signature global trade deal had been on life support for months as both Democrats and Republicans campaigned against unfair trade policies ahead of the Nov. 8 election. And Donald Trump’s triumph in the presidential race cemented its fate.

“There is no way to fix the TPP,” Trump said in a June economic address. “We need bilateral trade deals. We do not need to enter into another massive international agreement that ties us up and binds us down.”

The deal never had much of a following among congressional Democrats to begin with. Only 28 of 188 House Democrats and 13 of 44 Senate Democrats supported granting Obama the authority to negotiate and finalize a deal last year. And Trump’s rise has decimated support for free trade among Republicans. A former U.S. trade representative, Sen. Rob Portman of Ohio, said he would oppose the TPP as he campaigned for reelection this year.

Senate Majority Leader Mitch McConnell (R-Ky.) said Wednesday there was no chance that the deal would pass during Obama’s final months in office. And he said it’s up to Trump whether any trade deal would move forward after that.

“I think the president-elect made it pretty clear he was not in favor of the current agreement,” McConnell said. “But he has the latitude because [congressional negotiating authority] is in place through the next administration to negotiate better deals, as I think he would put it, if he chooses to.”

House Speaker Paul D. Ryan (R-Wis.), who has supported past trade deals, has said that “the votes aren’t there” in the House to pass the TPP in its current version and that he has no plans to bring it to a vote in the House.

The news of the trade pact’s likely demise prompted disappointed reactions from some industry coalitions, which had hoped to access freer markets and a more level playing field with competitors overseas.

Among them were groups representing America’s farmers and ranchers. The TPP had promised to slash tariffs on U.S. agricultural goods in large markets such as Japan and Vietnam, as well as eliminate agricultural subsidies that gave competitors in the trade bloc an edge.

“We would have liked to get it done before the end of the year. The longer we delay, the more likely we lose market share in the Asia-Pacific since other countries are negotiating their own trade deals with nations in the region,” David Warner, the director of communications at the National Pork Producers Council, said in emailed comments. Warner said the TPP would exponentially increase pork exports, translating into more American jobs. “We certainly hope the TPP is not dead.”

Retailers had also largely thrown their support behind TPP, as it would have reduced tariffs on many goods that brands source from overseas. President Obama had even used Nike’s Oregon headquarters as backdrop for a speech defending his trade policy.

“On balance, [TPP] was viewed by our industry as a win for retailers and our consumers,” said David French, the National Retail Federation’s senior vice president of government relations, in an interview conducted Thursday prior to the news of Schumer’s statements.

French said he believes that the reduction in tariffs would have been passed on to consumers in the form of lower prices. Tariffs on footwear can be as high as 67.5 percent, according to the NRF, while apparel tariffs can be up to 32 percent.

In September, a coalition of retailers — including Walmart, JCPenney, Gap, Michael Kors and Dick’s Sporting Goods — sent letters to each member of Congress to urge them to support the TPP. The letter said the agreement would remove $2.8 million in duties on U.S. imports of clothes, shoes and travel items such as backpacks. They called it “once-in-a-generation opportunity to reduce costs and open new markets for U.S. brands and retailers.”


https://www.washingtonpost.com/news...tnership-is-dead-schumer-tells-labor-leaders/

USA is bankrupt, cannot afford these deals to help Vietnam.

 

[GeraltofRivia]

That's the point.

The entire vantage point of what 'would happen/could happen' talk is wrong because China is the same China with Trump or Clinton. It is not a small or medium power to be swayed off just because a nasty and totally corrupt election period produces very sub par leadership in the US.

What I would be more worrying is if China one day decides to economically sanction the US. To start with, the US trade penetration is weaker than that of China.

Of course, neither China nor US can compete India in service quality. Especially banking call centers. My US professor used to curse each time he called Wells Fargo to do some phone-banking.

It might as well be that each time a new call center opens in the US, both in India and the US, the average intelligence declines.

Haha, a sanction on US will make both countries poorer, why would China do that?

Arguably US-China is the most interdependent economic alliance on this planet. The interdependence has gone far beyond just trade. China's trillion holding of US treasury bill means she has put major chuck of her wealth onto US and anything that damages the economy of US will also hurt China eventually. This is equally true to the US that any disruption to China economy will be felt by US painfully. This sounds funny but is the reality of this relation and how "Chimerica" comes about.

If we looks deeply into anatomy of these two countries, they are not so different. They both run by capitalists, just one is state capitalist and the other is private capitalist and they both promote market economy.

No matter how much they criticize each other, they are closer economically than any alliance in the world.

 

[Dungeness]

Not true, our Great Indian friend here is obviously in oblivion that the PH is also a major source of call centre services and whose ppl speak way more intelligble English than their own mind-boggling, face-cringing(at least for me) Desinglish.

It is true. Since Comcast shifted their customer service to Philippines, I am a much happier customer. Now I have no problem picking up the phone and call their tech support.

 

[Gothic]

it's not the chinese it's the iranians , or maybe those indians

 

[Dungeness]

the Desi accent is so incredibly annoying to the ears, that you feel like grabbing a shotgun

Sorry, we can't afford make-in-india smart phone cameras.
Huawei's Leica cameras are made by Sunny Optical in China.
http://www.barrons.com/articles/is-sunny-optical-flying-too-close-to-the-sun-1471568647

View attachment 350958


What can we do?
So sad, so sad.


I did try their incredible service whilst I was using Vodaphone in Perth and changed my Singapore Airline service from Perth. I was make-in-indialy impressed!

Good to know that optics inside of smartphones are now made in China. Thanks for sharing.

 

[randomradio]

Yay

You said US has to rely on Indian oursourcing industry 'because there's no alternative', when there are lots of other countries that provide such services, before continuing on your chinese-bashing tirade with your neverending naysaying.

Look at the thread title. He's not even in office and the Chinese govt is already warning him. Be realistic.

Any increase in tariffs will damage Chinese exports. And the EU will follow suit, which Trump will support. To top that an EU-US FTA will only increase trade among them, not the Chinese.

If you threaten to sell US bonds, there are other countries around to buy them, particularly if the US-EU FTA takes off. If nobody buys, the US will print more notes and buy them back, big deal.

The RCEP isn't going to compensate the loss of the China-US or China-EU trade.

Trump may seem like a fool, but he is still influenced by the top corporate sector in the US and he will do everything in his power to help his buddies in the corporate.

Your point now is that only India has the human capital and no other countries are as adept as Great India in providing ' high quality' manpower.

It's disgusting how your delusional nationalism has become.

Yup, 1 million engineering graduates a year. And we have an oversupply of engineering graduates. It's just supply and demand. China has the same, but most of them don't know English, so advantage India.

It's all in the demographics and demand.

So logic has become delusional nationalism?

Nice picture of you.

https://www.washingtonpost.com/news...lops-then-flips-and-flops-more-on-h-1b-visas/
Moderator Megyn Kelly: “Mr. Trump, your campaign website to this day argues that more visas for highly skilled workers would, quote, ‘decimate’ American workers. However, at the CNBC debate, you spoke enthusiastically in favor of these visas. So, which is it?”

Trump: “I’m changing. I’m changing. We need highly skilled people in this country, and if we can’t do it, we’ll get them in. But, and we do need in Silicon Valley, we absolutely have to have. So, we do need highly skilled, and one of the biggest problems we have is people go to the best colleges. They’ll go to Harvard, they’ll go to Stanford, they’ll go to Wharton, as soon as they’re finished they’ll get shoved out. They want to stay in this country. They want to stay here desperately, they’re not able to stay here. For that purpose, we absolutely have to be able to keep the brain power in this country.”

Translation: Blah, blah, blah, we need Indians, blah, blah, brain power, blah.

The fact is if Trump starts retaining more jobs in the US through his taxation policy, the Americans will need more foreign workers. Considering 86% of last year's visas went to Indians, and we have an oversupply, the immigration advantage is ours.

Damn, this article goes against the teachings of our Chinese-bashing naysayer Randomradio who preaches all day 'India is great,China is trash' .

Trump is very dangerous to peace, he's very hawkish. He changes his opinion like that... snaps fingers.

If he believes someone is taking advantage of him, he's going to snap.

the Desi accent is so incredibly annoying to the ears, that you feel like grabbing a shotgun

That's the future of English.

 

[Dungeness]

That's the future of English.

That's disgusting!

 

[TaiShang]

To top that an EU-US FTA will only increase trade among them, not the Chinese.

I guess, by EU-US FTA, you mean the TTIP?

You are delusional because of ignorance.

Trump is essentially anti-TTIP as much as he is anti-TPP. In fact, the TTIP was already dying even before Trump had a chance to denounce it.

The fact is if Trump starts retaining more jobs in the US through his taxation policy, the Americans will need more foreign workers. Considering 86% of last year's visas went to Indians, and we have an oversupply, the immigration advantage is ours.

You may keep that advantage for all the rest of the world cares.

Trump may seem like a fool, but he is still influenced by the top corporate sector in the US and he will do everything in his power to help his buddies in the corporate.

His family members happen to be working for Huawei. Any one working for Freedom 251?

 

[grey boy 2]

 

[AndrewJin]

I guess, by EU-US FTA, you mean the TTIP?

You are delusional because of ignorance.

Trump is essentially anti-TTIP as much as he is anti-TPP. In fact, the TTIP was already dying even before Trump had a chance to denounce it.



You may keep that advantage for all the rest of the world cares.



His family members happen to be working for Huawei. Any one working for Freedom 251?

Some countries are in panic mode, some people are in denial mode....
What a bunch of losers!

 

[randomradio]

That's disgusting!

Personal prejudice doesn't change facts.

I guess, by EU-US FTA, you mean the TTIP?

You are delusional because of ignorance.

Trump is essentially anti-TTIP as much as he is anti-TPP. In fact, the TTIP was already dying even before Trump had a chance to denounce it.

He will change his opinion in a second. Once he knows how much market he can capture, whether it is TPP or TTIP.

http://www.express.co.uk/news/world...-claude-juncker-donald-tusk-ttip-letter-trade

Btw, he's not given his real opinions on TPP or TTIP. Rest assured, he will grab them with both hands. In fact, the trade deals would have died under Clinton, as it were under Obama.

You should look at his criticisms of both.
For TTIP, he said the trade document is too long and he can't read it when it's so long. That's his criticism of TTIP.

As for TPP, he believes it was made for China. He doesn't want a trade deal with China. Little does he know China isn't included anyway. Or is he actually trying to say something else?

He basically doesn't have a real opinion on either. He's only attacked China when it comes to trade, nobody else. Tell your CCP to not be so gullible, he is a master politician. His real views will show up when he takes office. Regardless of whether he is good or bad for China, he's going to change stuff. Status quo no more.

Remember George Bush and how confusing it was when he was in power? Welcome to the Republican Party.

Everybody made fun of Bush, no different from Trump. But status quo no more. Trump wants a massive increase in the defence budget, that should tell you all you need to know.

You may keep that advantage for all the rest of the world cares.

Don't regret it once it's too late. We have 5 Indian-Americans in the senate now, apart from 2 governors. One of them almost ran for presidency.

His family members happen to be working for Huawei. Any one working for Freedom 251?

Careful then. With a 15% tax rate, Huawei may move to the US.

Too many people here butthurt over Freedom 251.

 

[TaiShang]

Careful then. With a 15% tax rate, Huawei may move to the US.

Indian logic.

Then China would levy a 15% tax on General Motors and make them move to China.

Why am I still talking to you? Because you are weirdly interesting.

You might as well be the very obstinate Indian guy on India's upcoming supercomputer some 100x faster than the fastest.

Or, you might be that Indian with a fetish on China's demographics.

 

[+4vsgorillas-Apebane]

Indian logic.

Then China would levy a 15% tax on General Motors and make them move to China.

Why am I still talking to you? Because you are weirdly interesting.

You might as well be the very obstinate Indian guy on India's upcoming supercomputer some 100x faster than the fastest.

Or, you might be that Indian with a fetish on China's demographics.

He is neither @HariPrasad nor @Bussard Ramjet.

Just another indian elite with delusions of grandeur.

 

[Dungeness]

Indian logic.

Then China would levy a 15% tax on General Motors and make them move to China.

Why am I still talking to you? Because you are weirdly interesting.

You might as well be the very obstinate Indian guy on India's upcoming supercomputer some 100x faster than the fastest.

Or, you might be that Indian with a fetish on China's demographics.

People like him may be the reason that their country is in such sorry state of affair. Facing other's achievements, they really have nothing to show for, but very big mouth.