(MENAFN- Kuwait News Agency (KUNA)) The Senate passed what has been called the "fast track" trade deal that would expand presidential influence to negotiate in major trade deals.
The vote passed 60 to 38 and is seen as a victory for President Barack Obama who teamed up with Republican leaders over shared goals.
It was Obamaآ's party, the Democrats, who primarily opposed the bill due to concern that it would hurt US workers more than help the economy.
Others fear that the deal will allow corporations to manipulate the stock markets and trade goods for capital. The bill now goes to Obamaآ's desk who is expected to sign it into law.
The deal was made to focus on trade deals with the Trans-Pacific Partnership (TPP) that involves 40% of the worldآ's economy including the US, Japan, Australia, Canada, and Mexico.
Supporters of the bill believe it will increase the USØ¢' influence in the Asian Pacific region and put higher business standards on these countries. It would also be the USØ¢' first trade deal with Japan.
Additionally, a measure called the Trade Promotion Authority (TPA) will limit Congressآ' ability to amend any trade pact that comes to it and only vote for or against a deal.
The Senate is now voting on a related bill that will assist workers who may loose their jobs as a result of the trade bill, known as the Trade Adjustment Assistance (TAA). It is expected to pass and will go to the House for a vote on Thursday.
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