United States business has welcomed the passage of the US-Australia Free Trade Agreement through the House and Senate, calling the deal a great opportunity for American competitiveness abroad.
The trade deal, which immediately eliminates 99% of Australian tariffs on US-made manufactured exports, was hailed by Sen. Charles Grassley (R – Iowa) as “the most significant reduction of manufacturing tariffs ever for a US free trade agreement.”
In addition, American farmers will stand to benefit from the $400 million in agricultural products exported to Australia each year.
“Under the agreement, we get unprecedented access for US manufacturing,” observed Grassley, Chairman of the Senate Finance Committee.
“This agreement is great news for America’s factories, farms, and service industry,” he added.
The agreement was welcomed by US business groups, among them the US Chamber of Commerce, whose President and CEO, J. Donohue, commented: “This vote is a win for American businesses…and sends a signal that the US is committed to being a leader in the global marketplace.”
Australia is currently the ninth-largest export market for American-made goods; but the reaction of Australian business to the agreement has been noticeably more muted.
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