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This week, policy makers have been meeting in New York in an effort to smooth out the details of Obama's sweeping Trans-Atlantic Trade and Investment Partnership, a deal that would remove most of the trade barriers between the U.S. and Europe.
While Obama has touted the benefits of opening up trade between the two world powers, the deal still has many critics who say its terms could be detrimental to both economies.
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Benefits
The trade deal would remove much of the red tape that has restricted trade between the U.S. and Europe for years.
The Organization for International Investment estimated that the partnership would create 334,000 direct jobs and 865,00 indirect jobs as the result of increased foreign investment, something that would help continue to spur on the U.S. labor market's recovery.
The deal is also expected to increase economic output by $100 billion annually in both the U.S. and Europe.
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German Opposition
Although German Chancellor Angela Merkel has expressed support for the deal, much of the German population remains firmly againstopening up trade rules with the U.S.
Surveillance is among their main concerns, after it was revealed last year that the U.S. had been monitoring German officials without their knowledge. Many are also worried about the introduction of genetically modified food and the environmental impact of such a deal.
Obama Encourages Progress
Last week, President Obama highlighted the benefits of the deal and encouraged an open dialogue between U.S. and European leaders.
Congress has approved bipartisan legislation for trade promotion authority, making it easier for deals like the Transatlantic Trade Pact to go through.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.