Gary Clyde Hufbauer, Cathleen Cimino, Monday, March 17, 2014 - 00:00

In an op-ed for the New York Times, Paul Krugman calls the Trans-Pacific Partnership (TPP) “No big deal”. This column looks at Krugman’s main arguments against the TPP. First, Krugman suggests spending political capital on domestic initiatives, and not on the TPP. Second, he argues that the pay-off from TPP will be trivial since tariffs are already low. The column points to a larger message in Krugman’s op-ed, namely that the era of globalization and policy-driven liberalisation is over.

CEPR Policy Research