An interesting little development is taking place regarding the Trans-Pacific Partnership (TPP) trade deal. Under the terms of the pact, tariffs can only be cut at the start of each calendar year. This means that the TPP must be ratified by parliament by 1 November to ensure that tariff cuts take effect on 31 December and 1 January. From The AFR:
The November 1 ratification deadline is crucial because the 11-country agreement cuts tariffs at the start of each calendar year and it takes 60 days for the TPP to come into force after the sixth country ratifies the deal. Hence, there is an opportunity for a double tariff cut – initially on December 31, 2018 and secondly on January 1, 2019.
