US, 11 Pacific Rim nations agree on Trans-Pacific Partnership

Published October 05, 2015 FoxNews.com


The United States and 11 Pacific Rim nations agreed Monday on the Trans-Pacific Partnership -- a historic, international deal backed by President Obama that continues to create a partisan divide in Congress.

Negotiators took nearly six years to complete the deal, which, if ratified, is projected to impact 40 percent of the global economy.

The deal would eliminate tariffs that are considered barriers to trade, including more than 18,000 imposed on U.S. exports, according to the White House.

“This partnership levels the playing field for our farmers, ranchers and manufacturers,” Obama said. “It’s an agreement that puts American workers first and will help middle-class families get ahead.”

Critics of the plan have raised such concerns about the potential for currency manipulation and whether it will result in fewer U.S. jobs.

And some lawmakers and 2016 White House candidates have reserved comment until seeing the text of the deal.

The deal was reached Monday morning in an Atlanta hotel.

Congress is not expected to vote on the deal until early next year.

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