Obama: Trade Deal ’40 Percent of the Global Economy’

“With this trade agreement, which spans nearly 40 percent of the global economy, we’re going to be able to sell more products, more services, American agriculture, American manufacturing — we’re going to be able to get those to markets, and American companies that produce here in the United States are not going to be disadvantaged relative to these markets,” the president said at the Department of Agriculture today.

 

“Keep in mind that when there are high barriers in these countries, oftentimes that’s when a lot of American companies feel compelled — if we want to reach those markets, we’ve got to go produce over there. If the tariffs are down, if the taxes are down on goods made in America, that means U.S. companies that are investing here are able to sell over there without a disadvantage. That’s what American leadership looks like in the 21st century. That’s why this agreement also sets high standards for one of the fastest-growing regions of the world.

 

“This agreement has the strongest labor standards of any trade agreement in history, including setting fair hours, prohibiting child labor, prohibiting forced labor. It includes the highest environmental standards in history, and prevents overfishing, and makes sure that wildlife trafficking isn’t decimating wildlife that are a world treasure.

 

“And so unlike past agreements, these standards — high standards around labor and environment — are actually enforceable. If countries aren’t abiding by them, then they don’t get the benefits of selling to the United States under the terms of this agreement. And, under this agreement, we, rather than countries like China, are writing the rules for the global economy.

 

Read More: Obama: Trade Deal ’40 Percent of the Global Economy’ | The Weekly Standard