The president-elect’s pick for budget director, Rep. Mick Mulvaney (R., S.C.), has opposed raising the debt ceiling, but Mr. Trump has proposed steep tax cuts and large increases in defense and infrastructure spending that many economists believe will cause the deficit to grow.
Several of his cabinet selections backed a trade deal negotiated by President Barack Obama with Asian nations, which Mr. Trump opposed and has vowed to abandon.
An additional concern, he said, is that Mr. Trump may permit people to approach him through back channels that disrupt an “orderly policy process.”
Donald Trump Is Staffing His Administration with TPP Supporters
Gen. Mattis joined 16 other retired military leaders and former defense secretaries in a May 2015 letter to congressional leaders that said TPP would help the U.S. maintain a geopolitical advantage in Asia.
How to fix the most controversial element of trade deals
Under the Equitable Investment Act, in contrast, a U.S. court would be empowered to set aside the arbitrators’ award if Argentine consumer groups showed it would harm their interests in a stable financial system back home.
.. Moreover, in a separate scuffle, a bipartisan coalition is poised to override President Obama’s veto of a bill shredding the sovereign immunity in U.S. courts of foreign states linked to terrorism. With this standoff, legislators have shown themselves willing to strain diplomatic ties and risk loss of foreign sovereigns’ investment in the U.S.
.. Most important, the Convention would fix ISDS’ double standard. Instead of foreign investors enjoying rights that domestic investors, unions and environmental groups don’t, the pact would level the playing field. Just as an investor can now ask a tribunal to determine whether capital controls violate a state’s obligations, a union would be able to request a second opinion on collective bargaining rights. An environmental NGO could shine a spotlight on weak carbon emissions plans. And domestic investors could complain about preferential treatment received by wealthy foreign companies. These rulings will allow citizens to name and shame bad governments without compromising sovereignty.
If T.P.P. Crumbles, China Wins
Developed economies face huge problems that have produced this season of rage. But the world has enjoyed growing prosperity over decades because of continuously reduced trade barriers. A reversal would be the road to conflict. Like the best trade accords, the Trans-Pacific Partnership is also a strategic boost to liberty and stability in the fastest-growing part of the globe. Congress should resist populist ranting and ratify it.