Beginning on Jan. 1, Japan will lower or eliminate tariffs on $7.2 billion worth of U.S. farm exports under a “mini” trade pact that received final approval in Japan’s parliament on Wednesday.
Japanese beef producers will be hit the hardest by their nation's agreement to reduce tariffs on U.S. food and agriculture products, according to an estimate by the government in Tokyo. The package calls for Japan to reduce or eliminate tariffs on $7.4 billion worth of U.S. ag exports beginning on Jan. 1.
U.S. farm groups celebrated anew on Monday Japan’s agreement to reduce or eliminate tariffs on $7.2 billion worth of American goods, including beef, pork, poultry, wheat, cheese, wine, and ethanol. President Trump used the ceremonial signing of the pact at the White House to urge congressional approval of the United States-Mexico-Canada Agreement.
U.S. farmers will gain broader access to Japanese consumers under an agreement signed by Prime Minister Shinzo Abe and President Trump on Wednesday in New York. The White House called the deal “a major win for our farmers, ranchers, and growers.”
An accord expected to boost U.S. farm exports to Japan may not be complete in time for signature by President Trump and Prime Minister Shinzo Abe on the sidelines of the UN General Assembly this week. The so-called mini-deal would cover agriculture and digital trade but is being held up by Tokyo's request that the United States promise not to impose tariffs on cars imported from Japan.
When President Trump meets Prime Minister Shinzo Abe of Japan on Wednesday, it should be a red-letter day for Trump's policy of bilateral, rather than multi-nation, trade negotiations. The two leaders are expected to approve a deal on agricultural and digital trade. U.S. food and ag exports could rise as a result.
Eleven months after initiating negotiations, President Trump notified Congress on Monday that he intends to sign a trade agreement with Japan in the coming weeks. The agreement is expected to put U.S. farmers on equal footing in trade with Japan in competition with the "TPP-11" trade bloc and the EU.
U.S. farm exports plunged by an abrupt 6 percent this year due to the Sino-U.S. trade war and a worldwide slowdown in economic growth, but they will rebound mildly in the year ahead, said the USDA on Thursday. However, the agency’s first forecast of exports in fiscal 2020 excluded the impact of a promised mutual escalation this fall of the trade war between China and the United States.
In 48-hour span, starting Friday, President Trump roiled global markets by Tweeting his intention to again raise tariffs on China and ordering U.S. companies out of the country, then appeared to backpedal, saying at the G7 summit he was having "second thoughts" about escalating the U.S.-Sino trade war. The weekend ended with a bit of potentially good news on trade, when Trump and Japan President Shinzo Abe announced an agreement "in principle" on a deal that would include Japan buying surplus corn from the U.S.
A day after President Trump scoffed at wheat exports to Japan — “They don’t even want our wheat,” he said — U.S. wheat growers called out the president for maligning an important trade relationship. It was one of the first times farmers have talked back to Trump since they helped elect him to office.
China intends “to buy a lot of farm product,” said President Trump on Tuesday, describing “a very, very productive call” between U.S. and Chinese trade negotiators. At the same time, the White House announced it would delay 10 percent tariffs on electronics such as cell phones, laptop …
Japan's Ministry of Agriculture purchased $18 million worth of U.S. wheat last week, days after announcing it would not interrupt imports because of the discovery of GMO wheat in a fallow field in Washington State. The Japan Agricultural Times reported the ministry said on July 17 that it had adopted a new inspection method so there was no need to suspend purchases.
Nearly 1 of every 4 pounds of U.S. red meat and poultry exports goes to Mexico, the overall top customer of U.S. food and agriculture exports, says the USDA. Mexico was the destination for 24 percent of beef, pork, mutton, broilers and turkey exports in 2018, nearly double the 13 percent market …
Three groups that promote U.S. farm exports say the upcoming U.S.-Japan trade talks are a chance to gain ground against Australia, Canada, and the EU, which will benefit from free trade agreements with Japan.
The United States and Japan will open negotiations on a free trade agreement “that can produce early results” on manufactured goods, announced President Trump and Prime Minister Shinzo Abe on Wednesday. Japan, however, said that in the upcoming negotiations it would not lower tariffs on food, agriculture, and fishery imports.
Canadian regulators are puzzled by the discovery of seven genetically modified wheat stalks in southern Alberta that contain herbicide-tolerant genes, said the Manitoba Cooperator, but they say there's no sign of GMO wheat in the country's seed or wheat supplies. No country has approved GMO wheat for commercial use. Japan suspended purchases of Canadian wheat on Friday until it is certain there are no GMOs in the grain, reported Global News.
On the same day that President Trump said he expected increased agricultural exports to Japan, the chief U.S. agricultural negotiator told farmers in Iowa that more than 14 percent of U.S. farm exports have been or will be tagged with retaliatory tariffs in U.S. trade disputes with countries such as China and Mexico.
When Japan and the United States begin a new round of trade talks, Prime Minister Shinzo Abe said, they should be in the format of the Trans-Pacific Partnership, the free trade agreement that was the bête noire of President Trump’s campaign.
Under the name of “Tokyo Salad,” the Japanese subway operator Tokyo Metro is growing lettuce, salad greens, and herbs in a hydroponic warehouse under an elevated section of its Tozai Line, said the Mainichi newspaper.