A multi-year trade agreement between the United States and 11 other countries could have a huge impact on Illinois.
The Trans-Pacific Partnership, which was agreed upon by the 12 nations early Monday morning would lift as many as 18,000 tariffs that the participating countries have placed on American exports, including machinery, information technology and consumer goods, automotives, as well as chemicals and agricultural products.
Though Congress hasn’t seen a finalized agreement, US Representative Rodney Davis (R-Illinois), says it could be what the US needs to turn its economy around, “The devil is in the details, I have yet to see the final details so I may have a change of heart too, however if we can demonstrate from the language that it can have a positive impact on communities in my district I’ll likely be supportive.”
Click here for summary
Davis says the agreement is meant to modernize decades old language that has put America at a disadvantage when trying to compete with the rest of the world, “It’s American grain, it’s American corn, it’s American soybeans, it’s American mining trucks, that have an advantage against countries like China, so this Trans-Pacific partnership can be a huge boon for our export markets.”
US Department of Agriculture Secretary Tom Vilsack said through a news release that if approved, the Trans-Pacific Partnership could benefit the US to the tune of $63 billion in new revenue just though agricultural exports.
For the Trans-Pacific Partnership to take effect, the deal will still have to be approved by Congress. Davis says he doesn’t know when the deal will come up for a vote. Lawmakers have until April to debate the deal.
Countries involved in the negotiations included the United States, Australia, Brunei Darssalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.