The U.S. International Trade Commission (USITC) on Wednesday released its report on the impact the TPP trade agreement will have on America’s economy and its manufacturing industry.
So far, it seems it will have only a slight (though positive) effect on U.S. trade.
According to the report, TPP would increase overall U.S. exports 1 percent by 2032, compared to a scenario without TPP. That would bring projected exports to $27.2 billion. U.S. imports would inch up 1.1% to $48.9 billion. U.S. exports to its new trading partners would jump 18.7%, with imports from those countries growing by 10.4%.
Footwear, however, will be a brighter spot than apparel when it comes to benefitting from the deal.
The Commission said TPP will bring about a 1.4% increase in U.S. imports of apparel from the world, while footwear imports would increase by almost double that to $1.1 billion, or a 2.7% increase.
Read more at Sourcing Journal.