TransCanada Files NAFTA Suit Demanding More Than $15 Billion for Keystone XL Rejection
On June 24, foreign oil company TransCanada filed a lawsuit against the U.S. under NAFTA, the North American Free Trade Agreement, arguing that the U.S. rejection of the Keystone XL pipeline violated NAFTA’s broad rights for foreign investors by thwarting the company’s “expectations.” As compensation, TransCanada is demanding more than $15 billion from U.S. taxpayers.
TransCanada’s case will be heard in a private tribunal of three lawyers who are not accountable to any domestic legal system, thanks to NAFTA’s “investor-state” system, which is also included in the proposed Trans-Pacific Partnership (TPP). The controversial TPP would empower thousands of additional corporations, including major polluters, to follow TransCanada’s example and use this private tribunal system to challenge U.S. climate and environmental policies.
The interesting question is assume the election of Trump and he slaps the tariff on Fords made in Mexico, and Mexico and/or Ford take him to the tribunal, and the tribunal rules against the tariffs. What would Trump do, denounce Nafta and withdraw from it? Actually the larger question this raises on a number of Trumps ideas if taken to these tribunals, and overruled what would he do?
This should fuel the objection to TPP that Elizabeth Warren has argued energetically. Maybe the TPP really can be stopped.
Sure sure. Maybe by the Democratic party. No wait.
Fortunately, the party doesn’t get to vote; the representatives and senators do. A number, from both parties, have opposed the private courts provision of the TPP. Enough to stop it? We’ll see.
What not only GOPsters get “woodies over”.
“I voted to leave because the EU is anti-democratic.”
“I voted to leave because the EU is a boondoggle.“
“I voted to leave because while I think free trade, and free movement of capital, and frictionless borders — and not to mention Europe itself, and Britain being part of Europe — are all fantastic… none of those entails an anti-democratic, statist, wildly expensive European super-state.”
“For democracy, for fiscal sanity, for British sovereignty… I voted to leave.”
Sounds like the GOP’s errant Tea Party.
Welcome to AB.