Don’t be tricked: failure to pass TPP will cost American employers billions of dollars annually

Posted on by Dan Anthony

trick-or-treating1
Trick or treat? That is the question as American companies look ahead to a potential vote on the TPP agreement during a “Lame Duck” session of Congress after next week’s elections. The stakes are high, as it appears unlikely that TPP will be a priority for the next Administration, regardless of who becomes the 45th president. So passing TPP before the end of the year is crucial.

Don’t be tricked: congressional failure to pass TPP will cost American employers billions of dollars annually. Our research shows that TPP could have cut up to $17 billion in import taxes paid by American companies through 2020 had it gone into effect earlier this year. This page shows how TPP could benefit employers in each state.

The direct hit to companies’ bottom lines comes on top of all the lost opportunities for expanding sales in newly opened markets like Japan and Vietnam. Because many tariff cuts are phased in, the longer it takes to pass TPP, the longer it will be before American companies and workers can benefit from it. Even a one-year delay is a scary prospect!

For American employers competing in the global economy, failure to pass TPP this year would be anything but a treat.

TPP could cut $1.2 million in taxes on Wyoming employers over five years

Posted on by Dan Anthony

According to new research on Wyoming’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Wyoming employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Wyoming employers save? In 2015, imports into Wyoming from new TPP countries faced an estimated $271,000 in tariffs (i.e., taxes). TPP could eliminate 92 percent of these taxes by year five, saving as much as $1.2 million over that period, as shown in the graph below.

tpp_state_wyoming_cuts

What types of products would be impacted? Imports into Wyoming are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Wyoming whose import taxes would fall to zero upon implementation of TPP.

tpp_state_wyoming_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

TPP could cut $3.3 million in taxes on South Dakota employers over five years

Posted on by Dan Anthony

According to new research on South Dakota’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by South Dakota employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could South Dakota employers save? In 2015, imports into South Dakota from new TPP countries faced an estimated $721,000 in tariffs (i.e., taxes). TPP could eliminate 92 percent of these taxes by year five, saving as much as $3.3 million over that period, as shown in the graph below.

tpp_state_south_dakota_cuts

What types of products would be impacted? Imports into South Dakota are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into South Dakota whose import taxes would fall to zero upon implementation of TPP.

tpp_state_south_dakota_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

TPP could cut $55 million in taxes on Maine employers over five years

Posted on by Dan Anthony

According to new research on Maine’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Maine employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Maine employers save? In 2015, imports into Maine from new TPP countries faced an estimated $14.6 million in tariffs (i.e., taxes). TPP could eliminate 76 percent of these taxes by year five, saving as much as $54.8 million over that period, as shown in the graph below.

tpp_state_maine_cuts

What types of products would be impacted? Imports into Maine are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Maine whose import taxes would fall to zero upon implementation of TPP.

tpp_state_maine_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

TPP could cut $3.2 million in taxes on New Mexico employers over five years

Posted on by Dan Anthony

According to new research on New Mexico’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by New Mexico employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could New Mexico employers save? In 2015, imports into New Mexico from new TPP countries faced an estimated $733,000 in tariffs (i.e., taxes). TPP could eliminate 90 percent of these taxes by year five, saving as much as $3.2 million over that period, as shown in the graph below.

tpp_state_new_mexico_cuts

What types of products would be impacted? Imports into New Mexico are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into New Mexico whose import taxes would fall to zero upon implementation of TPP.

tpp_state_new_mexico_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

TPP could cut $1.7 million in taxes on Montana employers over five years

Posted on by Dan Anthony

According to new research on Montana’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Montana employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Montana employers save? In 2015, imports into Montana from new TPP countries faced an estimated $473,000 in tariffs (i.e., taxes). TPP could eliminate 73 percent of these taxes by year five, saving as much as $1.7 million over that period, as shown in the graph below.

tpp_state_montana_cuts

What types of products would be impacted? Imports into Montana are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Montana whose import taxes would fall to zero upon implementation of TPP.

tpp_state_montana_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

 

TPP could cut $22 million in taxes on Louisiana employers over five years

Posted on by Dan Anthony

According to new research on Louisiana’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Louisiana employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Louisiana employers save? In 2015, imports into Louisiana from new TPP countries faced an estimated $5.0 million in tariffs (i.e., taxes). TPP could eliminate 92 percent of these taxes by year five, saving as much as $21.7 million over that period, as shown in the graph below.

tpp_state_louisiana_cuts

What types of products would be impacted? Imports into Louisiana are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Louisiana whose import taxes would fall to zero upon implementation of TPP.

tpp_state_louisiana_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

 

TPP could cut $4.1 million in taxes on North Dakota employers over five years

Posted on by Dan Anthony

According to new research on North Dakota’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by North Dakota employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could North Dakota employers save? In 2015, imports into North Dakota from new TPP countries faced an estimated $1.1 million in tariffs (i.e., taxes). TPP could eliminate 80 percent of these taxes by year five, saving as much as $4.1 million over that period, as shown in the graph below.

tpp_state_north_dakota_cuts

What types of products would be impacted? Imports into North Dakota are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into North Dakota whose import taxes would fall to zero upon implementation of TPP.

tpp_state_north_dakota_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

 

TPP could cut $110 million in taxes on Maryland employers over five years

Posted on by Dan Anthony

According to new research on Maryland’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Maryland employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Maryland employers save? In 2015, imports into Maryland from new TPP countries faced an estimated $67.1 million in tariffs (i.e., taxes). TPP could eliminate 34 percent of these taxes by year five, saving as much as $112.2 million over that period, as shown in the graph below.

tpp_state_maryland_cuts

What types of products would be impacted? Imports into Maryland are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Maryland whose import taxes would fall to zero upon implementation of TPP.

tpp_state_maryland_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.

 

TPP could cut $102 million in taxes on Connecticut employers over five years

Posted on by Dan Anthony

According to new research on Connecticut’s imports from the so-called “new TPP” countries not covered by existing free trade agreements (i.e., Brunei, Japan, Malaysia, New Zealand, and Vietnam), the TPP would cut import taxes paid by Connecticut employers dramatically. These benefits come in addition to opening new markets for exports and modernizing outdated rules.

How much could Connecticut employers save? In 2015, imports into Connecticut from new TPP countries faced an estimated $23.5 million in tariffs (i.e., taxes). TPP could eliminate 88 percent of these taxes by year five, saving as much as $102.2 million over that period, as shown in the graph below.

tpp_state_connecticut_cuts

What types of products would be impacted? Imports into Connecticut are a mix of raw materials and components used by American manufacturers and finished goods sold directly to American families. Clearly, not all the tariffs go away: many imports are subject to phase-outs and tariffs would remain in place for up to 30 years on certain sensitive items. The box below highlights select imports into Connecticut whose import taxes would fall to zero upon implementation of TPP.

tpp_state_connecticut_products

Looking for more information? Please use the links below to:

If you would benefit from TPP and want Congress to pass it this year, please click here to add you name to the free TPP importers list now.