Category Archives: Class Announcements

TPP benefits and nonbenefits

The Trans-pacific Partnership is a new trade agreement among certain countries supporting more Made in America exports, eliminating numerous taxes and tariffs. Benefits from an agricultural standpoint  include eliminating import taxes as high as 40% on U.S. poultry products, 35% on soybeans, and 40% on fruit exports. Two out of those three categories listed are huge economic factors withing the state of Delaware and would greatly effect economy.  TPP also eliminates tariffs from countries like japan, Vietnam, etc and gets rid of those high taxes placed on american products such as beef, pork, poultry, dairy, and soybeans. Other factors such as wine will also have tax burdens lifted upon exportation to foreign countries. Non beneficial factors of this agreement are as followed, free trade agreement contributes to income inequality in high wage countries by promoting cheaper good from low wage countries, the agreement regarding patents will reduce the availability of cheap generics making many drugs more expensive, and competitive business pressures will reduce the incentives in Asia to protect the environment.