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New USTR Report shows that American workers and businesses face disproportionately high tariff barriers in the Asia-Pacific, which the Obama Administration is fighting to lower through the Trans-Pacific Partnership
Washington, D.C. – President Obama’s trade agenda is a centerpiece of his Middle Class Economics strategy because American exports support millions of well-paying jobs across the United States, and breaking down barriers to Made-in-America goods will benefit our workers, businesses, and agricultural community. The Trans-Pacific Partnership, a groundbreaking trade agreement with 11 other countries in the Asia-Pacific region, along with the Trade Promotion Authority bill being considered by Congress, are at the heart of that effort.
“TPP will support jobs here at home by tearing down barriers to Made-in-America exports abroad,” said U.S. Trade Representative Michael Froman. “We already have an open economy, but not all countries do. TPP will help level the playing field so that our products and services aren’t frozen out of the fastest growing markets in the world.”
The United States has one of the most open economies in the world, with an average applied tariff of 1.4%. In fact, nearly 70% of the products we import do not face any tariffs at all. However, when our exporters work to sell Made-in-America goods to other countries, they’re burdened with tariffs over twice as high on average. American manufactured goods face tariffs of up to 100% on certain goods in TPP markets, and American agriculture exports face tariffs over 700% on some products.
TPP is a unique opportunity to level the playing field for Americans by eliminating tariffs and gaining significant access to new markets for our workers, businesses, farmers and ranchers. Through this agreement the Obama Administration is also fighting to level the playing field by raising labor and environmental standards in the Asia-Pacific.
To view the full report, “Leveling the Playing Field,” please click here.