Trade Fact of the Day
U.S. goods exports to Colombia year-to-date through May 2008 amount to 4.8 billion, up 50.0 percent from the same period of 2007.
About Trade
"Free and fair trade helps secure a future of freedom and promise."
President George W. Bush
World Trade Week Proclomation
May 16, 2008
Facts Of The Day
March 24, 2008
The flower industry is a great example of the benefits that expanded trade brings to the United States and Colombia. As Colombian tariffs decrease as part of a trade agreement, the United States will be able to export more agricultural equipment, fertilizer, seeds, and related plastic products to Colombia, as two-way free trade will benefit both our countries.
Source: Prepared by the International Trade Administration
March 21, 2008
Upon implementation of the U.S.-Korea Free Trade Agreement, both shelled and in-shell almonds (current tariffs of eight percent) will become duty-free. Pistachios (current tariff 30 percent) also will enter duty-free immediately. Shelled walnuts (current tariff 30 percent) will be duty-free within six years. In-shell walnuts (current tariff 45 percent) will be duty-free within 15 years.
Source: Prepared by the U.S. Department of Agriculture
March 20, 2008
All U.S. exports of construction equipment and over 94 percent of infrastructure and machinery products will be duty-free immediately upon entry into force of the Agreement. Construction equipment and infrastructure and machinery products currently face tariffs as high as 10 percent and 15 percent respectively. These tariff reductions will improve U.S. equipment manufacturers access to the Panamanian market, especially during the bidding processes for the Panama Canal expansion project. U.S. exports of capital goods to Panama totaled nearly $154 million in 2006.
Source: Prepared by the International Trade Administration
March 19, 2008
Korea is the eighth-largest market for U.S. cotton exports. Duty-free access being enjoyed by U.S. cotton exports will become permanent upon implementation of the U.S.-Korea Free Trade Agreement. This permanent access will continue to allow U.S. cotton exports to compete on a level playing field with Korea’s other trading partners.
Source: Prepared by the U.S. Department of Agriculture
March 18, 2008
Currently Panama’s average agricultural tariff rate is 15 percent, but many key U.S. export products face much higher rates. Tariffs on meat can be as high as 70 percent, grain tariffs as high as 90 percent, and Panama’s tariff on chicken leg quarters is 260 percent. In contrast, under the Caribbean Basin Initiative (CBI) legislation passed by Congress in 1983, over 99 percent of Panamanian exports to the United States enter duty- free.
Source: Prepared by the U.S. Department of Agriculture
