Will the United States Benefit from the Trans-Pacific Partnership?
Mary Amiti () and
Benjamin Mandel ()
No 20140516, Liberty Street Economics from Federal Reserve Bank of New York
U.S. involvement in what could be one of the world?s largest free trade agreements, the Trans-Pacific Partnership (TPP), has garnered a lot of attention, especially since the entry of Japan into negotiations last year. The proposed free trade agreement (FTA) encompasses twelve countries, which combined account for 45 percent of U.S. exports and 37 percent of U.S. imports. This broad coverage of U.S. trade seems to suggest large potential gains for the U.S. from the agreement. However, three quarters of this trade is already within the U.S. free trade agreement with Canada and Mexico (the North American Free Trade Agreement (NAFTA)), making the assessment of potential gains to the TPP less clear cut. In this post, we investigate some implications of TPP for U.S. international trade, with a focus on identifying areas with the greatest potential for liberalization and, hence, benefits to U.S. exporters and consumers.
Keywords: agriculture; tariffs; free trade agreement (search for similar items in EconPapers)
JEL-codes: F00 (search for similar items in EconPapers)
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