Trans-Pacific Partnership to eliminate tariffs on about 80% auto parts
US to phase out 2.5% tax on cars in 15 years
The 12-nation free trade deal called the Trans-Pacific Partnership (TPP), involving Japan, the United States and 10 other nations, is likely to boost the American automotive industry on the back of an about 80% tariff cut on auto parts in all the participant countries, reports Detroit News citing US President Barack Obama.
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