Unlike the World Series, trade has many winners

Posted on by Dan Anthony

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Last night, the Chicago Cubs beat the Cleveland Indians in the 10th inning of Game 7 to win their first World Series since 1908. It was an incredible end to an amazing series. There will be much rejoicing in the city of Chicago as lifelong fans get to celebrate the first world championship in 108 years. (Trust me, I live with one.)

As the American Apparel and Footwear Association’s Steve Lamar wrote the other day in The Hill, there are numerous ways that international trade is like baseball. Those similarities can teach many lessons. For example, competition is fierce between companies both within the United States and across the globe. Yet there is a very important difference between trade and baseball: trade can (and does) have many winners.

Take our new research on potential tax cuts if Congress passes TPP. It shows that TPP could eliminate $650 million in tariffs on imports into Illinois and eliminate $1.3 billion in tariffs on imports into Ohio in the first five years. Unlike baseball, where no result could have made both Cubs and Indians fans happy, these potential savings from trade are not mutually exclusive. TPP tariff reductions on imports into Illinois in no way prevent companies in Ohio from benefiting – or Alabama or Wyoming or any other state. Cubs and Indians fans can both win!

These gains add up. If US tariffs of 20-30 percent on footwear and clothing go away, the American families have more money to put towards other priorities, whether that is other goods, saving for college, or even baseball tickets. If tariffs on industrial goods and raw materials are eliminated, American manufacturers can lower prices (thus driving up sales) or invest those savings into developing new products, hiring new workers, or purchasing needed equipment. Once again, there can be many winners.

With so many aspects of our lives viewed through a lens of either winning or losing, it can be hard to see trade differently. There can be only one World Series champion. Cubs and Indians fans both know that is unquestionably true. Fortunately, the TPP (and trade more generally) is subject to a different set of rules where many can win.

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

Posted on by Dan Anthony

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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.

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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.

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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.

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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.