The U.S. International Trade Commission (USITC) held a hearing this week concerning the Trans-Pacific Partnership Agreement’s Likely Impact on the U.S. Economy and on Specific Industry Sectors. Various folks took part in this hearing, including some from the beef, dairy and poultry sectors. One bit of information given during the testimonies was how tariff rates for the U.S. would come down. An example of that came from the beef industry whose U.S. exports in 2014 into Japan took place at a 38.5 percent tariff. But once TPP is implemented, that rate will phase down to 9 percent over 15 years, with a significant cut the first year. And U.S. Agriculture Secretary Tom Vilsack says that is just one of many reasons why TPP is good for American agriculture.
