Dale W. Jorgenson -- The more global value chains expand, the more the TPP makes sense

The Trans-Pacific Partnership is an international trade agreement that would substantially reduce tariffs among the 12 participating countries bordering the Pacific. The participants, including the U.S. and Japan but not China, signed the accord on Feb. 4. The TPP is often described as the largest free trade agreement in history -- the participating countries generate more than 40% of world gross national product and originate more than a third of world trade.