President Barack Obama is pursuing what are arguably the most aggressive trade talks in a generation, an unexpectedly broad initiative for a politician who has been critical of free-trade pacts.
Taken together, the negotiations are global in ambition, encompassing Europe and potentially much of Asia, and covering economic sectors that are particularly important to the United States. Even major economies not directly at the table — notably China, India and Brazil — are meant to be influenced by the outcome.
If the effort pays off, it could boost some of America's most competitive and important companies. Finance and consulting firms would be able to move more deeply into Europe, Japan and some developing countries. Technology leaders would have freedom to source their software and place their computers where it makes the most economic sense. The biotech industry would see longer patent protections, and carmakers could get access to the coveted Japanese auto market.