U.S. and China Agree on Expansion of the ITA
November 13, 2014
During the Asia-Pacific Economic Cooperation, the United States and China came to a settlement that would expand the product coverage of Information Technology Agreement (ITA), a reciprocal tariff elimination agreement. According to a fact sheet released by the White House on November 11, 2014, the agreement would be "a major boost to U.S. technology exports" and job growth. Over 200 formerly taxed products will be traded among WTO member countries duty free. The devices include medical equipment, GPS technologies, computer and video game products, and semiconductors. The agreement could support up to 60,000 new U.S. jobs. The GDP is estimated to increase by $190 billion with the agreement, although the tariff elimination will be staged to zero over five years. The discussions will continue when the parties reconvene in Geneva
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