Trade Tariffs

This past Monday, twelve Pacific Rim nations (excluding China) that comprise 40% of world trade closed the Trans-Pacific Partnership free trade agreement. Assuming it’s ratified by all twelve nations, it should, by the year 2025, raise global GDP by 1%, US and Canadian GDP by a non-trivial 0.4% and Japan’s GDP by 2%. In our era of slow economic growth, this is particularly big. Congress should ratify the TPP.