Summary

When a bipartisan deal was agreed between Congress and the Obama administration to allow some legislative oversight of the Lausanne accord with Iran, many believed it included an unstated nod towards allowing the Obama administration to pass legislation to fast-track negotiations with various major trade partners. On Tuesday these same people were scratching their heads over events on the Hill; but not for long, since this latest Democrat revolt against the Obama administration went down as one of the shortest on record.

Just one day after Senate Democrats seemed to strike a decisive blow against Obama’s trade agenda, a deal has been struck to separate the contentious aspects of the bill (basically a provision to hold currency manipulators to account) and pave the way for Senate approval of fast-track trade negotiations. Though the real test of the House of Representatives lies ahead, comments from Speaker Boehner suggest that fast-track authorization will pass sooner or later, freeing President Obama’s hand to finalize major free trade agreements with Europe and the Pacific region.

Yet when, if ever, the Trans-Pacific Partnership (TPP) emerges from the Thunderdome of US Congressional politics, who will be the big corporate winners?