The Trans-Pacific Partnership (TPP) was an intended 12-nation free trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States (US) and Vietnam. TPP Parties agree to eliminate and reduce tariffs and non-tariff barriers on industrial goods, and to eliminate or reduce tariffs and other restrictive policies on agricultural goods.The preferential access provided through the TPP could potentiallyincrease trade between the TPP countries. The 2015 statistics show these countries together accounted for a sizeable market –at 40% of the world’s Gross Domestic Product (GDP)(Department of Foreign Affairs and Trade 2016). However, the newly elected US President Donald Trump withdrew the US fromTPP on 23 January 2017 within a few days of taking office. During his presidential campaign, Trump had strongly criticised TPP for having a negative impact on his country’s employment and trade balance. Trump announced that he will favour trade deals that maximise benefits to the US. IMPORTANT !! This assignment is to analyse the effect of the TPP if this partnership was to go ahead WITHOUT the United States. (In term of the involved country’s economics). The related industries or group that are to be discuss in the economic analysis and discussion is mainly on agriculture industry. In the analysis and discussion please include and address the following event: – Impact on US Consumer – Impact on US Producers – Impact on consumers of the 11 non-US parties to the TPP -Impact on producers of the 11 non-US parties to the TPP -Elasticity of the demand and supply curve in the agriculture industry, (**Please include demand and supply curve graphs on explaining the elasticity) – The effect of a tariff without TPP for Australia – Consequences on efficiency at the global level.
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