US trade official spotlights benefit of TPP on building products sector

US Under Secretary of Commerce for International Trade Stefan M. Selig released Friday the Trans-Pacific Partnership (TPP) Opportunities for the US Building Products Report. The report details how the elimination of various tariffs and other TPP commitments to level the playing field will benefit American companies competing in TPP markets. The building products sector includes products such as electrical circuitry equipment and parts, lumber, HVAC equipment, and fiberglass insulation.

“US businesses and workers in the building products sector will be positively impacted by the elimination of many barriers once TPP is enacted,” Selig said. “TPP is a high-standard agreement that levels the playing field for our products making Made-in-America goods more attractive to the fast growing Asia Pacific region.”

The US building products industry employed more than 753,000 workers in 2014. During the same time period, exports totaled $1.5 billion to the TPP markets where we do not currently have trade agreements. The report details the current barriers the sector faces in TPP countries, and demonstrates how the building products industry stands to benefit once the trade agreement enters into force.

Currently there are five TPP countries with which the United States does not have preferential market access – Brunei, Japan, Malaysia, New Zealand, and Vietnam. Once TPP becomes law:
• Japan will eliminate import taxes on 99.7 percent of U.S. building products exports immediately
• Malaysia will eliminate import taxes on 86.6 percent of U.S. building products exports within four years
• New Zealand will eliminate import taxes on 92.1 percent of U.S. building products exports immediately
• Vietnam will eliminate import taxes on 98.2 percent of U.S. building products exports within four years