TPP trade bill clears final hurdle in the US
The White House can now sign off on trade promotion authority for the president.
Stephen Jacobi talks about the latest TPP news on NBR Radio and on demand via MyNBR Radio.
Hot Topic
DEALMAKERS
To build your own NBR Radio playlist and enjoy instant on-demand access to any audio, sign up for our FREE smartphone-only subscription to NBR ONLINE.
As expected, the US Senate has cleared legislation that will strengthen President Barack Obama’s power to negotiate the Trans-Pacific Partnership trade deal.
The 60-38 vote will give Mr Obama “fast track” authority that allows him to submit trade deals to the Congress for an up-or-down vote without amendments.
The vote ends a several weeks-long struggle to lift the measure out of the political mire that repeatedly came close to trapping it in both houses of the Congress.
The president has had to depend on Republican majority control of both houses to support his trade agenda, which is strongly opposed by union-aligned Democrats.
However, a small group of pro-trade Democrats were crucial to delivering the necessary 60 votes in the Senate to give the president so-called trade promotion authority.
Already approved by the House, the bill now heads to the White House for Mr Obama’s signature.
That will clear the way for the US to engage fully in the final negotiations to complete the 12-nation trade deal.
To build your own NBR Radio playlist and enjoy instant on-demand access to any audio, sign up for our FREE smartphone-only subscription to NBR ONLINE.
Nevil Gibson
Thu, 25 Jun 2015
Thu, 25 Jun 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
TPP trade bill clears final hurdle in the US
48945