(CBS NEWS) President Obama hailed a deal on the Trans-Pacific Partnership (TPP) Monday, saying it "levels the playing field" for U.S. farmers, ranchers and manufacturers and achieve several other goals for the U.S.
"When more than 95 percent of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy. We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment. That's what the agreement reached today in Atlanta will do," the president said in a statement.
The 12 nations involved in the trade deal finished their work Monday morning after a weekend of marathon negotiating sessions in Atlanta. Congress has passed legislation called Trade Promotion Authority that will allow them to give a thumbs up or thumbs down vote on the deal, but not amend it in any way.
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