ITC begins assessment of TPP's economic impact

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November 18, 2015

            The U.S. International Trade Commission (ITC) recently launched an investigation to evaluate the economic impact of the Trans-Pacific Partnership (TPP) on the U.S. economy. The investigation is mandated under the Bipartisan Congressional Trade Priorities and Accountability Act of 2015. The investigation will assess the likely impact of the TPP on the U.S. economy as a whole, on specific industry sectors and on U.S. consumers’ interests. The report will include the TPP’s impact on U.S. gross domestic product, exports and imports, and employment opportunities. 
            In addition to the ITC’s assessment, other federal departments are carrying out studies on specific industries. The U.S. Department of Commerce (DOC) recently issued two reports on November 13th that point out the potential benefits the agreement will have on specific industries. For example, they found that the TPP may assist American energy and transportation sectors in competing abroad. 
            The ITC is expected to complete its report by May of 2016.