Josh Teitelbaum Quoted in Women’s Wear Daily on Prospects for TPP in New Administration
Akin Gump public law and policy counsel Josh Teitelbaum was quoted in the Women’s Wear Daily article “What Clinton or Trump Would Mean for Trade,” regarding how the result of the presidential election might affect the fashion and retail industries. The article focuses on the Trans-Pacific Partnership (TPP), noting that if implemented, it would encompass nearly 40 percent of the world’s gross domestic product.
While Donald Trump has vowed to drop TPP entirely, Hillary Clinton has indicated she opposes the TPP deal as written, which, the article says, some view as a way of her leaving some flexibility to ultimately support it if it is renegotiated. Teitelbaum, a former Commerce Department official who played a key role on textiles in the TPP negotiations said, “Ultimately, renegotiation for TPP is something I’m sure other countries would not be receptive to.” He noted that while Obama administration officials have stated that renegotiation is not on the table, there are other mechanisms such as side letters that can be used to resolve outstanding issues.
Some sticking points remain among lawmakers, the article reports, including inadequate patent protections for biologics, high-priced medicines derived from living organisms and dispute settlement provisions for tobacco products. Teitelbaum, however, said he remains optimistic about TPP’s passage. “I just believe it is too important to not consider the strategic value for the U.S., both economically and as a global power in the Asia-Pacific region. The president and administration will be all in in trying to push it during a lame duck.”