Report: TPP would lower tariffs for Maine exporters
A report issued Thursday by the U.S. Department of Commerce said the proposed Trans-Pacific Partnership trade agreement would boost Maine exports to other countries in the agreement by removing nearly all tariffs on seafood, forest products, information technology and other goods.
The text of landmark trade deal between the United States and 11 other Pacific Rim nations was released publicly last week, but business leaders in Maine have yet to offer much specific feedback on the plan’s details.
According to the Department of Commerce report, Maine exported more than $1.8 billion worth of goods in 2014 to the 11 other countries in the agreement. The Portland Press Herald reported that six of those countries — Australia, Canada, Chile, Mexico, Peru and Singapore — already participate give preferential market access to U.S. exporters, but the other five — Brunei, Japan, Malaysia, New Zealand and Vietnam — do not.
Most of the tariffs for seafood, forest products, technology, health products and transportation equipment would be eliminated, the report said. Exporters in Maine pay tariffs between 25% and 40% on those products.
New Balance, the Boston-based footwear company with three Maine factories, has previously expressed concern that eliminating footwear tariffs on shoes made in Vietnam could risk manufacturing jobs in Maine, but the agreement would keeps some tariffs for some types of footwear in place for 13 years, according to Bloomberg.
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