The significance of the Trans-Pacific Partnership trade deal between 12 countries on either side of the Pacific Ocean was raised after the US and Japan joined discussions. But it has become bogged down with American fears that it will benefit big business only and damage US employment prospects, while Congress wants to dictate the rules.

<i>The Trans-Pacific Partnership (TPP), launched to reduce tariff and non-tariff trade barriers among 12 Pacific Rim countries, initially had limited regional significance. But its importance increased when the US and Japan asked to join negotiations and China showed interest. Now the TPP is mired in numerous disagreements among the countries in...

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Professor Enrico Colombatto
America’s ambition to be an alternative to China in Asia, and perhaps also in other parts of the world, will suffer if the administration insists on telling its Asian friends what to do with their currencies
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