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Monday, October 5, 2015
Although this Pacific trade agreement still needs to be signed by congress, there is a good chance of it going to effect over the next few years.
"The deal includes provisions to eliminate U.S. import tariffs of 2.5 percent on cars and 25 percent on trucks over 20 years or more. But since it isn’t tariffs that keep American cars and light trucks from being sold in markets like Japan, there won’t be reciprocal trade going West across the Pacific, Prestowitz said.
“Imports to the U.S. will undoubtedly rise and exports from the U.S. will remain essentially stopped up,” he said.
The tariffs have been in place for more than 50 years. The truck tax has forced foreign automakers to build truck and SUV assembly plants in the U.S. and has kept some foreign rivals out of the truck market that is dominated by and a source of huge profits for the Detroit 3"
Read the full article over at Auto News. We will post some updates if and when this agreement does go into effect.