Soybean farmer Raymond Schexnayder Jr. overlooks his farm outside Baton Rouge, in Erwinville, Louisiana, July 9, 2018. Aleksandra Michalska | Reuters

A threat to American goods

The goods of non-CPTPP members such as the United States are now expected to be pricier and less competitive in the 11 CPTPP countries. The world's largest economy was initially one of the countries negotiating the wide-ranging deal under former U.S. President Barack Obama but the U.S. withdraw under President Donald Trump's administration in early 2017. American meat and agricultural products are particularly expected to suffer in CPTPP nations that don't have free trade arrangements with Washington.

Japan is a prime example. The Asian giant is the top market for U.S. beef, but Australia's products could now take over America's spot since foreign beef tariffs in Japan will be cut by 27.5 percent for Australian producers under the CPTPP, The National Cattlemen's Beef Association has warned. "The US beef industry is at risk of losing significant market share in Japan unless immediate action is taken to level the playing field," Kevin Kester, the association's president, said in a statement earlier this month. It's a similar story for American wheat. Thanks to CPTPP, Canadian and Australian wheat exports to Japan now immediately benefit from a 7 percent drop in the Japanese government's mark-up price, which will become a 12 percent reduction in April, U.S. Wheat Associates President Vince Peterson said in a recent statement. By April, American wheat will face a $14 per metric ton resale price disadvantage to Australia and Canada, he warned, adding that his industry faces "imminent collapse" in Japan. The U.S. and Japan don't have a free trade deal in place, something on which Trump has been pressing Tokyo. In comparison, European nations, which also aren't part of the CPTPP, are expected to fare better given the E.U-Japan bilateral trade deal.

A $2 billion loss for US real income