CEO DATELINE - Retail groups urge passage of trade deal
CEO DATELINE - Retail groups urge passage of trade deal
- September 9, 2016 |
- Walt Williams
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At least seven national associations are among 118 businesses and interest groups urging Congress to ratify the Trans-Pacific Partnership, which has come under attack by both presidential candidates during the current election season.
In a letter sent to all members of Congress and timed to the start of the school year, the groups say TPP would provide "significant benefits to American families" by reducing the costs of new school clothes, shoes, backpacks and other items.
"For the U.S. footwear, apparel and travel goods industry—which still face high tariffs and non-tariff trade barrier across TPP countries—the TPP represents a once-in-a-generation opportunity to reduce costs and open new markets for U.S. brands and retailers," the groups said.
Ratification of the trade deal is one of the top priorities for the business community, but so far it has failed to move forward as a result of opposition from both the political right and left. Democratic presidential candidate Hillary Clinton originally supported TPP but later came out against the deal. Republican presidential candidate Donald Trump once called TPP "a continuing rape of our country."
In their letter, the groups say the deal would cost their industry more than $1 billion during the first year alone through tariff reductions and the lowering of other trade barriers. They also argued those savings will be passed to consumers.
The American Apparel & Footwear Association, Footwear Distributors and Retailers of America, National Retail Federation, Outdoor Industry Association, Retail Industry Leaders Association, Travel Goods Association and U.S. Fashion Industry Association are among signatories. http://bit.ly/2cJrZnx
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