U.S./Japan Trade Deal Become Official
On Wednesday, the United States and Japan announced they reached an agreement on a trade deal that further opens markets for both countries. And agriculture is among the biggest beneficiaries.
Japan is Ag’s 4th-largest export destination with nearly $13 billion a year in exports, impacting thousands of jobs countrywide. According to Zippy Duvall, President of the American Farm Bureau Federation, the agreement “ Will lower tariffs and put U.S. farmers and ranchers on a level playing field to compete in Japan with countries that participate in the Trans-Pacific Partnership. That’s good news.” For example, the 38.5% tariff on U.S. beef will fall to the 26% placed on beef from Australia, Canada and the EU.
“The time for trade wars has come and gone. We are thankful the administration has reached this deal and we urge trade negotiators to achieve many more like it. Farmers and ranchers need to get back to doing what they do best: feeding a hungry world that needs what they produce.”
The Japanese Parliament is expected to approve the agreement later this fall. It may take effect as early as Jan. 1, 2020. U.S. Congressional approval is not needed.
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