Dealing a blow to Obama’s plan to ink a sweeping trade and investment with 11 Pacific Rim nations, the U.S. Congress rejected legislation which can put the process of completing the trade deal with major Asian-Pacific economies on a fast track.
As Democrats, including Democratic presidential hopeful Hillary Clinton raised against President Obama’s brainchild — Trans-Pacific Partnership Trade Deal, US media portrayed the move as stunning setback for Obama.
The legislation for fast track is applicable for both — The Trans-Pacific Partnership and The Trans-Atlantic Trade and Investment Partnership, informally known as Trans-Atlantic Partnership, which is a free trade agreement between the US and the EU. It just so happened that the revolt against President Obama in Congress occurred in a similar timeframe as the EU delay vote on The Trans-Atlantic Trade and Investment Partnership.
Andrei Fyodorov, former deputy Foreign Minister of Russia, director of the Center for Political Research and Consulting Foundation (studio guest), Dmitry Babich, political analalyst (studio guest), Brian Yeung, an independent contributor to Chinese and English media in Hong Kong and Jim Rogers, legendary investor and chairman of Beeland Interests commented on the issue.