October 8, 2015

"Apparently, news that the US, Japan and 10 other Pacific Rim nations have finalized the Trans-Pacific Partnership (TPP) agreement has made many Chinese over-upset and many Americans over-thrilling. It's a pity that people tend to seek as simple as possible answers when the global affairs become increasingly complicated. Just as China has realized the establishment of the Asian Infrastructure Investment Bank is a major test instead of a smashing victory, the TPP is no panacea for the US economic plight.

Clyde Prestowitz, president of the Economic Strategy Institute, published an article in the Los Angeles Times this January titled 'The Trans-Pacific Partnership won't deliver jobs or curb China's power,' in which he argues that 'US leaders promised [previous free-trade] deals would create high-paying jobs, reduce the trade deficit, increase GDP and raise living standards. But none of this came true.' Statistics released by the Economic Policy Institute show that since 1997, US manufacturing has lost 5.5 million jobs."

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http://www.globaltimes.cn/content/946119.shtml

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