The Trans Pacific Partnership is a trade agreement so significant and important, its details can’t be disclosed.
The TPP, sure to make an appearance during tonight’s State of the Union, is a 21st-century trade agreement involving 11 Asian countries along the Pacific Rim, and said to cover 40% of the world’s economy.
The TPP is a subject close to the heart – and the economic plans – of President Obama. In a November trip to Beijing, he urged other world leaders to finalize the agreement, calling it a “high priority” that would strengthen American leadership in the Asia-Pacific region and lead to growth, investment and job prospects for more workers.
The administration has argued that the deal will allow lower tariffs for American exports, in an environment of increasing competition, especially from China. Obama is also touting the deal as a boon for small businesses. When 98% of the US’s exporters are small businesses, new trade partnerships will help them create even more jobs, he proclaimed in last year’s State of the Union address. “Listen, China and Europe are not standing on the sidelines. Neither should we.”