Commerce Report spotlights benefits to metals and ores of Trans-Pacific Partnership

U.S. Undersecretary of Commerce for International Trade Stefan M. Selig has released the Trans-Pacific Partnership (TPP) “Opportunities for the U.S. 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 U.S. 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.

The U.S. metals and ores industry employed 1 million workers in 2014. During the same time period, exports totaled $3.1 billion to the TPP markets where the U.S. does 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 U.S. 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. metals and ores exports immediately.
• Brunei will eliminate import taxes on 99.3 percent of U.S. metals and ores exports immediately.
• Vietnam will eliminate import taxes on 85.1 percent of U.S. metals and ores exports immediately and 95.4 percent within four years.
• Malaysia will eliminate import taxes on 80.4 percent of U.S. metals and ores exports immediately and 86.8 percent within four years.

To view the full report, visit www.trade.gov/fta/tpp/industries/metals.asp.