November 16, 2017

THANKS, DONALD:

This Trade Treaty Got Better when the US Bailed (Jeffrey A. Tucker, 11/16/17, FEE)

What is downright humiliating for Americans is that the treaty became better only after the US withdrew from it. 

What did this move portend for the cause of free trade? Some despaired that it would signal a new trend toward protectionism, not only for the US but the world. There is a certain nationalist myopia in this judgment. Americans are inclined to believe that if Washington is against something, that something won't happen at all. 

What many people did not expect is that the treaty would go ahead in any case, without US participation.

The remaining nations forged ahead and reached a new agreement on November 11. The US finds itself excluded, which could cause real problems for American exporters to countries like Malaysia, Japan, Australia, and Peru. Canada's lobster industry, for example, will soon have better access to the foreign marketplace than the U.S.'s, which could cause serious problems for an entire industry.

But here is what is most striking. The new draft of the agreement excludes the entire section on Intellectual Property - the most annoying and anti-freedom part of the deal that had huge prominence in all the treaty drafts.

Given the cost to America and the benefit to our allies, it's arguably the largest foreign aid spending deal in U.S. histor.

Posted by at November 16, 2017 6:39 PM

  

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