US DOC report spotlights impact of TPP on US metal and ores sector

US Under Secretary of Commerce for International Trade Stefan M. Selig released Wednesday the Trans-Pacific Partnership (TPP) Opportunities for the US Metals and Ores Sector 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 Metals and Ores Sector includes products such as iron and steel, aluminum alloys, titanium products, and ores of molybdenum, copper, and zinc.

“US businesses and workers in the metals and ores 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 metals and ores industry employed one million workers in 2014. During the same time period, exports totaled $3.1 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 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 US metals and ores exports immediately
• Brunei will eliminate import taxes on 99.3 percent of US metals and ores exports immediately
• Vietnam will eliminate import taxes on 85.1 percent of US metals and ores exports immediately and 95.4 percent within four years
• Malaysia will eliminate import taxes on 80.4 percent of US metals and ores exports immediately and 86.8 percent within four years