According to the Electronic Freedom Foundation (EFF):
The leaked US IP chapter includes many detailed requirements that are more restrictive than current international standards, and would require significant changes to other countries’ copyright laws. These include obligations for countries to:
Place Greater Liability on Internet Intermediaries:
The TPP would force the adoption of the US DMCA Internet intermediaries copyright safe harbor regime in its entirety. For example, this would require Chile to rewrite its forward-looking 2010 copyright law that currently establishes a judicial notice-and-takedown regime, which
provides greater protection to Internet users’ expression and privacy than the DMCA.
Regulate Temporary Copies: Treat temporary reproductions of copyrighted works without copyright holders' authorization as copyright infringement. This was discussed but rejected at the intergovernmental diplomatic conference that created two key 1996 international copyright treaties, the WIPO Copyright Treaty and WIPO Performances and Phonograms Treaty.
Expand Copyright Terms: Create copyright terms well beyond the internationally agreed period in the 1994 Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). Life + 70 years for works created by individuals, and following the US-Oman Free Trade Agreement, either 95 years after publication or 120 years after creation for corporate owned works (such as Mickey Mouse).
Enact a "Three-Step Test" Language That Puts Restrictions on Fair Use: The United States Trade Representative (USTR) is putting fair use at risk with restrictive language in the TPP's IP chapter. The US and Australia are both proposing very restrictive text, and Peru is willing to accommodate the bad language.
Escalate Protections for Digital Locks: It will also compel signatory nations to enact laws banning circumvention of digital locks (technological protection measures or TPMs) [PDF] that mirror the DMCA and treat violation of the TPM provisions as a separate offense, even when no copyright infringement is involved. This would require countries like New Zealand to completely rewrite its innovative 2008 copyright law, as well as override Australia’s carefully-crafted 2007 TPM regime exclusions for region-coding on movies on DVDs, video games, and players, and for embedded software in devices that restrict access to goods and services for the device—a thoughtful effort by Australian policy makers to avoid the pitfalls experienced with the US digital locks provisions. In the US, business competitors have used the DMCA to try to block printer cartridge refill services, competing garage door openers, and to lock mobile phones to particular network providers.
Ban Parallel Importation: Ban parallel importation of genuine goods acquired from other countries without the authorization of copyright owners.
Adopt Criminal Sanctions: Adopt criminal sanctions for copyright infringement that is done without a commercial motivation, based on the provisions of the 1997 US No Electronic Theft Act.
In short, countries would have to abandon any efforts to learn from the mistakes of the US and its experience with the DMCA over the last 12 years, and adopt many of the most controversial aspects of US copyright law in their entirety. At the same time, the US IP chapter does not export the limitations and exceptions in the US copyright regime like fair use, which have enabled freedom of expression and technological innovation to flourish in the US. It includes only a placeholder for exceptions and limitations. This raises serious concerns about other countries’ sovereignty and the ability of national governments to set laws and policies to meet their domestic priorities.
So in short it is a bad deal for consumers and advocates of free speech. Neither political party is willing to even mention it, and the broadcast news outlets are refusing to cover it because their parent companies are the ones pushing it.