Below are 3 things to know about TPP.
The TPP is not mainly about trade at all
Only six of its 30 chapters cover trade matters while most provide specific new rights and powers for corporations. The pact has become so controversial because – at a time when poll after poll shows that Republicans, Democrats and Independents are furious about growing corporate power over their lives and governments – the TPP provides a concrete example of how the rules get rigged against most Americans’ interests.
Few remaining tariffs left between TPP nations to cut
From Paul Krugman to Joseph Stiglitz to Robert Reich to Jeffrey Sachs to Simon Johnson and beyond, prominent economists who supported the North American Free Trade Agreement (NAFTA) and other past pacts say there would be few economic upsides from the TPP. Many are working to stop the TPP because they consider it as threatening to the U.S. economy and most Americans’ interests.
The TPP’s key provision grants new rights
The TPP’s key provision grants new rights to thousands of multinational corporations to sue the U.S. government before a panel of three corporate lawyers that would be empowered to award the corporations unlimited sums to be paid by America’s taxpayers, including for the loss of expected future profits. Were the TPP enacted, multinational corporations need only convince the tribunal of private sector lawyers that a U.S. law or safety regulation violates their TPP rights.