THE TRUMP EFFECT: Obama’s Trans-Pacific Partnership Deal All But Dead Now
“The Trump Effect.”
It’s a new phrase that hadn’t even been a part of the English language 72 hours ago, but is already being used to describe the immediate consequences of Tuesday’s election.
From the statement of Russian President Vladimir Putin expressing optimism that Trump’s win could herald a new era of “fully fledged relations” between the two countries, the surging stock market in the days following his stunning upset of Hillary Clinton, Trump’s new status as president-elect is already having a broad impact.
So far, Trump’s only time spent in the Oval Office has been a 90-minute meeting with President Obama on Thursday to discuss the transition between the two administrations, but his election is influencing international relations as evidenced by the governments in Canada and Mexico agreeing to “take a fresh look” and “modernize” the North American Free Trade Agreement (NAFTA) that Trump criticized throughout his campaign.
At home, Trump had his first victory in Congress two months before he is scheduled to take the oath of office as leaders of both the House and the Senate announced that the Trans-Pacific Partnership will not be brought up for a vote, effectively killing Obama’s pet trade deal that would have implemented new rules for 12 countries, including Japan and Australia.
Candidate Trump was sharply critical of the deal during the campaign, but with both Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan releasing statements that the deal would not be considered during the lame duck session, President Trump will have already made good on a campaign promise without having to make a phone call, twist an arm or make a bargain.
President Obama had expected approval of the international trade deal by a Congress that would have gained seats in what he, along with pollsters and pundits, figured to be a landslide victory for Hillary Clinton and down-ballot Democrats.
Instead, the White House acknowledged that President Obama, now in the position of a lame duck leader with an opposition Congress, has abandoned the deal.
It was the first legislative victim of “the Trump Effect.”