Economics
House Fast-Track Rejection a Blow to Global Trade Negotiations
Trade talks could shut down if Obama can't secure fast-track authority.
US President Barack Obama looks on during his meeting with his Tunisian counterpart Beji Caid Essebsi in the Oval office at the White House in Washington, DC, on May 21, 2015.
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President Barack Obama’s efforts to strike a trade deal with Pacific Rim nations stumbled Friday when his fellow Democrats blocked legislation giving him enhanced negotiating authority that he and analysts said is crucial to concluding the talks.
Trade promotion authority, or fast-track, is important because leaders in other countries won’t risk political capital selling trade deals to their constituents knowing Washington could then amend the pact after its completed, analysts said.