The Trans-Pacific Partnership trade agreement is expected to have a positive impact on both retailers and American consumers. Tariffs on goods from TPP countries totaled nearly $6 billion in 2015, and most of it would eventually be eliminated after the measure is enacted, which would benefit consumers through lower prices.
TPP will lower costs across global supply chains in the TPP region, and those lower costs will be reflected in US price tags. Families will benefit from greater spending power both from lower prices and higher wages.
International trade is a major supporter of US employment, accounting for 6.9 million US jobs in the retail industry. TPP will have a significant positive impact on American families, workers and retailers who seek to provide them with a wide range of goods at affordable prices.
TPP is seen as making it easier for retailers to ensure that factories in TPP countries adhere to labor and environment conditions in their codes of conduct. Retail is the nation’s largest private sector employer, supporting one in four US jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.