Paul Krugman is right to charge Obama Administration that the new Pacific Trade Deal would:
- give a pass to banks and
- allow big corporations to hold sway on trade potential at the cost of jobs as well as upholding of phony Intellectual Property rights.
But he does not mention the strategic point of 'containing China' by engaging with rest of Pacific Rim nations. That is one of the core motives of pursuing this trade deal. Equally, Obama Administration is right to argue that this deal is a chance to enforce appropriate Labor conditions in countries like Vietnam.
It is all right that Elizabeth Warren's of the world would make lot of noise. But Obama Administration must continue this path of liberalized trade, that is the only way to keep American Economy competitive while plucking along the strategic goal of containing China.