Secretive TPP Trade Deal May Have Just Been Defeated!

Barack Obama’s ambitions to pass sweeping new free trade agreements with Asia and Europe fell at the first hurdle on Tuesday as Senate Democrats put concerns about US manufacturing jobs ahead of arguments that the deals would boost global economic growth.

A vote to push through the bill failed as 45 senators voted against it, to 52 in favor. Obama needed 60 out of the 100 votes for it to pass.

Failure to secure so-called “fast track” negotiating authority from Congress leaves the president’s top legislative priority in tatters.

It may also prove the high-water mark in decades of steady trade liberalisation that has fuelled globalisation but is blamed for exacerbating economic inequality within many developed economies with the outsourcing of manufacturing jobs. Internet activists had said the deal would curb freedom of speech, while other critics charged it would enshrine currency manipulation.