Earlier today, 118 companies and associations sent a letter to every Representative and Senator urging a vote in support of TPP this year. The letter notes that “the TPP represents a once-in-a-generation opportunity” whose tariff savings could exceed $1 billion in the first year alone. Once fully implemented, the TPP could eliminate $2.8 billion in taxes collected annually on U.S. imports of clothes, shoes, backpacks, athletic equipment, and related products.
The letter followed an op-ed in The Hill highlighting the potential benefits of TPP for American families wrapping up their back-to-school shopping, who probably did not give much thought to the impact of the United States’ outdated (and regressive) tariffs. The TPP would eliminate some very high import tariffs immediately – from 17.6 percent tariffs on backpacks to 20.0 percent tariffs on sneakers to 32.0 percent tariffs some sweaters – and phase out many more.
For this to happen, Congress must first pass the TPP. The sooner it does, the sooner American families will stopped being subject to these costly, hidden taxes on everyday items.