Nike, footwear industry, ready for TPP windfall
The sportswear giant says it would provide tariff relief that would allow it to accelerate the development of a domestic supply chain. President Obama spoke at Nike in May about the trade deal.
"Nike applauds the Obama administration and Ambassador Froman for successfully concluding country negotiations on the historic Trans-Pacific Partnership," Nike said, in a statement.
"Nike supports TPP because it will allow us to innovate, expand our business and drive economic growth. Open trade enables U.S. companies to compete and consumers to win."
The Footwear Distributors and Retailers of America on Monday said U.S. footwear companies paid $2.7 billion in duties last year, "more than $450 million from TPP partner countries."
"We are extremely pleased and excited by today's announcement that the U.S. has reached an agreement on the Trans-Pacific Partnership," the group said, in a statement. "FDRA has worked for years to highlight the need for an agreement that provides significant duty reduction for footwear companies and American consumers."
Other local companies that support the deal include outdoor apparel company Columbia Sportswear Co.
"We're big proponents of trade," said Columbia Sportswear CEO Tim Boyle, in a May interview. "Every time somebody buys one of our products outside the U.S. it's an investment in Portland and the U.S. We take those funds and profits that we earn from those transactions and we invest them here."
Critics say the deal won't protect American jobs and will hurt the environment.
“The completion of negotiations on the specifics of the TPP changes very little: it’s still a bad deal that will devastate American manufacturing, cause massive layoffs and prioritize corporate interests over the needs of everyday Americans," said Rep. Peter DeFazio, D-Ore., in a news release.