According to Reuters, the new U.S.-Japan trade deal will provide staged reduction of Japanese tariffs for more than $2 billion worth of U.S. beef and pork, matching access now granted to the 11 Trans-Pacific Partnership trade pact countries. The U.S. Trade Representative’s office said the pact would immediately eliminate Japan’s tariffs on U.S. food and agricultural imports valued at about $1.3 billion per year, including almonds, blueberries, cranberries, walnuts, sweet corn, lactose, milk albumin, grain sorghum, food supplements, broccoli and prunes.

U.S. President Donald Trump signed the final text of the new TPP on October 7, more than 2.5 years after he pulled the United States out of the much broader TPP. The move left U.S. farmers and food producers at a disadvantage in the Japanese market to competitors from Australia, New Zealand, and Canada, and the U.S.-Japan deal aims to even that playing field by cutting Japanese tariffs on many of those products.

Reuters article

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  1. Global Markets and Trade

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