Washington, D.C. (May 20, 2016) — U.S. Rep. Tulsi Gabbard (HI-02), a member of the House Foreign Affairs Subcommittee on Asia and the Pacific, on Friday released the following statement after the International Trade Commission (ITC) released a report on the Trans-Pacific Partnership’s (TPP) projected impact on the U.S. economy:
“The International Trade Commission report confirms what we have known all along—the Trans-Pacific Partnership (TPP) trade agreement is a bad deal for the American people. We’ve heard from TPP proponents how the TPP will boost our economy, help American workers, and set the standards for global trade. The ITC’s report tells us the opposite is true. In exchange for just 0.15 percent boost in GDP by 2032, the TPP would decimate American manufacturing capacity, increase our trade deficit, ship American jobs overseas, and result in losses to 16 of the 25 U.S. economic sectors. These estimates don’t even account for the damaging effects of currency manipulation, which is not addressed in the deal, environmental impacts, and the agreement’s deeply flawed Investor State Dispute Settlement (ISDS) process that empowers foreign corporations to supersede our sovereignty and domestic rule of law. This report further proves that the TPP is worse than we thought, and will benefit Wall Street banks and multinational corporations on the backs of hard-working Americans and our economy.”
Gabbard strongly opposed “fast-track” Trade Promotion Authority when it came before the House last year and has continued to speak out against the TPP. Earlier this year, Reps. Tulsi Gabbard, Rosa DeLauro and other lawmakers released a joint op-ed on why the American people deserve better than the TPP.