US TRADE REPRESENTATIVE
China makes way, way too much steel. In 2015, it produced nearly 500 million tons more than it needed. Production of that steel was subsidized by the Chinese government in ways that violate international trade rules, so the price was artificially low. And China suppresses the value of its currency, further falsely reducing the cost of the steel.
A free trade agreement (FTA) expands economic opportunity in foreign markets for American workers and businesses, while doing the same for their foreign counterparts in our market. The increased trade improves the overall economy of each country. But, in order to avoid unwanted side effects, modern FTAs do more.
The power relationships in TPP will be great for factories in Vietnam, where 90,000 workers make Nike's shoes. TPP will be great for Hewlett-Packard, Intel, AMD, Dell, Apple and other electronics producers who use components from Malaysia, where 28 percent of workers in the electronics industry are subject to forced labor.
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