• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Commentary

Why Hillary Clinton’s opposition to the TPP could hurt her

By
Alan Wolff
Alan Wolff
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
By
Alan Wolff
Alan Wolff
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
October 9, 2015, 12:20 PM ET

Democratic presidential candidate Hillary Clinton on Wednesday came out against a massive 12-nation trade deal, breaking with President Obama and his administration, which has actively promoted the Trans-Pacific Partnership.

While Clinton’s change of heart is cheering to some and dismaying to others, it’s actually not that surprising if you take a closer look. When Bill Clinton and Barack Obama ran for president, they announced that they were skeptical of free trade agreements. Bernie Sanders, who is running ahead of Hillary Clinton in New Hampshire and opposed the TPP early on, has said his opponent should have opposed the agreement well before the deal was struck.

All this might suggest that Democrats are against free trade, but the story is more complex than that. There is more support for free trade agreements (FTAs) among Democrats than among Republicans. Democrats support FTA’s by 58%, while Republicans support FTAs by 53%, according to the Pew Research Center, which polled 2,002 adults in May 2015.

Ironically enough, in Congress, the split is the reverse – by a wide margin, more Republican members favor free trade agreements than Democratic members. What this suggests is that our elected representatives in Congress are not reflecting the sentiments of the American people. Indeed, just a few months ago, the vote for trade agreement authority passed by a narrow margin, with far more Republicans voting for it than Democrats. You might think that an outsider running as a Democrat against Washington would therefore be running in order to swing more Democrats into the free trade agreement column. That of course is not the case.

See also: Hillary Clinton’s reversal on TPP: Bernie Sanders is fulfilling his purpose

Going back to Hillary Clinton, PBS reported that Clinton cited concerns about “currency manipulation not being part of the agreement.” Her concerns are certainly valid since cheaper currencies tend to make a country’s exports significantly more competitive, and are a drag on its imports.

In fact, only finance ministers and treasury secretaries, not trade negotiators, can deal with currency issues in international agreements. Governments around the world are set up that way. Finance ministers and the U.S. Secretary of Treasury have dealt with misalignments of currency in historic agreements before – in the Smithsonian Agreement in 1971, and in the Plaza Accord in 1985.

In the TPP, there is currently no currency manipulation provision, although the U.S. has reportedly proposed that the deal be accompanied by a separate agreement signed by the 12 nations’ finance ministers to consult on currency issues.

Ultimately, the TPP needs to be judged by what is in it, not what is not. After all, like every trade deal, it cannot satisfy all concerns. Once the TPP text becomes available, those interested can examine it closely, and decide whether it is better than the alternative.

Alan Wolff is a former U.S. Deputy Trade Representative and practices international trade law in Washington DC. The views expressed are his own.

About the Authors
By Alan Wolff
See full bioRight Arrow Button Icon
By Bethany Cianciolo
See full bioRight Arrow Button Icon

Latest in Commentary

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Commentary

tim
CommentaryAirline industry
Merlin CTO: autonomy can rebuild the foundation of aviation — and national security
By Tim BurnsJune 9, 2026
19 hours ago
dewar
CommentaryLeadership
I founded McKinsey’s CEO practice: Here’s why operational excellence is a liability right now
By Carolyn DewarJune 9, 2026
19 hours ago
250
Commentary250 Years of Innovation
America turns 250. Its greatest innovation was never a product — it was a system that let anyone build one
By Keith KrachJune 7, 2026
3 days ago
retirement
CommentaryRetirement
Retiring at 62 costs the average American $250,000. Here’s the math (and the neuroscience) that explain why
By Jon SabesJune 7, 2026
3 days ago
da
CommentaryIPOs
The short seller’s argument nobody on the coming mega IPO roadshow wants you to make
By Bhaskar ChakravortiJune 7, 2026
3 days ago
bs
CommentaryCalifornia
I’ve sold property on California’s Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
By Lindsey HarnJune 6, 2026
4 days ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
1 day ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
14 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
1 day ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
18 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.