By Ryan Brennan
President Barack Obama is actively looking for support in backing up the Trade Promotion Authority and the Trans-Pacific Partnership. On Friday, he will be taking a trip to Nike’s headquarters in Oregon. The footwear manufacturing company has publicly stated their support in the deal, promising big changes if everything unfolds successfully.
This deal has been brewing for nearly four years now. The Trans-Pacific Partnership is a deal that involves 11 other nations, including Japan, Australia, New Zealand, Malaysia, Chile, Canada and Mexico.
The goal and target of the deal is to bring down the costs of importing and exporting goods by eliminating trade tariffs between nations. As a result, businesses in the United States would be able to compete more heavily overseas. An even better result of this deal is that businesses would have more profit to expand, which would ultimately create more jobs.
Proof of this has been stated by Nike themselves, when they publicly agreed to create 10,000 engineering and manufacturing jobs if the deal is approved. They also added that even bigger changes will be seen over the next decade. The company hinted at nearly 40,000 jobs along the supply chain line.
In a report by CNN, Nike CEO Mark Parker said, “Our employees and our business depends on free trade and the ability to reach athletes and consumers around the world.”
The government has been pushing very hard for this deal recently. They have estimated that approval of the deal would lead to an addition of $223 billion per year to the global economy by 2025, according to Black Enterprise. However, critics are arguing that the deal would only hurt businesses and workers.
The president of Oregon AFL-CIO is one of the disbelievers in the deal. Tom Chamberlain has publicly expressed his doubt, claiming that although it may benefit the businesses to some extent, it would come as a huge loss to middle-class families.
“We don’t need another trade deal that benefits multinational corporations, their shareholders and executives,” said Chamberlain. “We need to be more concerned about American work boots than sneakers made in Asia for pennies on the dollar.”
However, it would highly benefit the economy, which would in turn benefit U.S. workers as well. There are a lot of pros and cons to this deal, but in the end, all entities involved will have to consider what will best lead to this country’s thriving.