TPP or not, Washington state relies on exports
Fulfilling a campaign promise, the new administration signed an executive order today that will apparently withdraw the United States from the Trans-Pacific Trade (TPP) trade pact - a trade deal that would have boosted Washington's exports and eliminated 18,000 export tariffs that artificially raise the price of American-made goods overseas.
For Washington state exporters, the decision is a set-back. Washington is one of the most trade-dependent states in the nation, and employers here stood to gain from passage of the TPP.
Last year, the Washington Council on International Trade and AWB commissioned a study that found the TPP, if it were in place in 2015, would have generated as much as $8.7 billion in new Washington state exports, raising Washington’s total exports to $121.6 billion, or nearly $1,300 per resident. And, would have added 5,900 to 26,400 additional jobs - the one thing that will help lift up families across the state.
Regardless of what happens with the TPP, exports will remain an important issue for Washington.
"Exports are vital to the health of Washington’s economy, so we are hopeful that the new administration will work alongside us and other partner organizations to craft an agreeable trade pact that realizes Washington's and the nation's full economic potential,” said AWB President Kris Johnson.
Additionally, the study outlined specific industry sectors that would have seen the most benefit from TPP:
- Agriculture would have seen tariffs as high as 208 percent eliminated;
- Software would have realized improved cross-border data flows and intellectual property protection; and
- Aerospace would have seen an increased demand as TPP countries’ economies grow.
CNN Politics has more on the story.
For more information on TPP and other federal issues, contact me at 360.943.1600.