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New Balance voices anti-TPP position

Apr 18, 2016 United States
New Balance voices anti-TPP position
The US-based athletic brand has come out in opposition to the Trans Pacific Partnership, the free trade agreement involving the US and 11 countries from the Pacific region
CEO Rob DeMartini announced that New Balance is against the Trans-Pacific Partnership, a trade deal negotiated by the US and 11 Pacific countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.
 
DeMartini voiced worries that the trade agreement would cost America jobs by eliminating tariffs on imported goods: "As the agreement came together, what we ended up seeing was the fastest ramp down of the tariffs in history. It means our competitors who source overseas will get a pricing advantage much quicker than they did in any previous deal."

Matt Priest, President of the FDRA, Footwear Distributors & Retailers of America, has commented: "We are disappointed at New Balance’s change of heart on this vitally important agreement for the entire US footwear industry over a matter unrelated to TPP.  New Balance's position is especially surprising as it is one of the companies that would see significant tariff reduction under the agreement.  In fact, TPP will save footwear consumers and companies 450 million US dollars the first year of implementation and 6 billion US dollars over the first decade. That is why 99% of the entire footwear industry, both domestic manufacturers and importers, support TPP and why we will continue to lead the charge in explaining to lawmakers how this agreement will strengthen jobs across the US and provide real value to footwear consumers.”

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