Forget TPP: Meet the World’s Greatest Trade Agreement: Trish Regan

FBN’s Trish Regan discusses the failures of the World Trade Organization, and details her suggested trade agreement: The World's Greatest Trade Agreement.

Just last night the president was railing against the Trans-Pacific Partnership (TPP) trade deal, saying: "Bilateral deals are far more efficient, profitable and better for OUR workers. Look how bad WTO is to the U.S."

Well, he’s right on that.

The WTO, they haven’t done squat. They’re supposed to enforce the rules. They’re supposed to be the economic watchdog out there that says “Hey, China, you can’t steal people’s technology. China, you can’t keep counterfeiting goods.”

But the WTO does nothing.

So if you’re Donald Trump, you’re saying, “Why would I want to enter into another agreement with a bunch of countries that’ll be governed by the WTO?”

Well, speaking of the failure of the WTO, I looked at the updated IP Commission Report, and it’s pretty startling when you look through the first couple of pages and realize how much money we are losing.

Intellectual property theft costs American companies as much as $600 billion a year. That’s a lot of money. And guess what? China is the one stealing from us more than anyone else in the world. They’re accounting for 87% of all counterfeited goods. Clearly the WTO has failed. Clearly our leaders have failed when it comes to negotiating trade agreements that make sense for everyone.

Well, I have a suggestion: a brand-new trade agreement, something entirely new and entirely different. Forget the TPP abbreviation because it’s so tainted politically these days. So what about the WGTA: World’s Greatest Trade Agreement? We would have zero tariffs for anybody participating in this. It would be real free trade: zero tariffs.

So in other words, if you say, “I want to do business with the USA,” we’d say, “Great.” We won’t charge a darn thing for all of those goods that you bring here, but here’s the deal: You have to honor the same rules. So we can sell to your country at zero tariffs. One more rule: You can’t steal from us. No theft. And you know what? If you break these rules, if you start charging tariffs, if you start stealing, you’re out. Done. It’s over.

We have the power to do this. We are the biggest consumer by far of all goods in the world. We hold those economic cards, and we can use them. We could come up with all kinds of new trade agreements, the world’s greatest trade agreements, ever.