US and Japan agree initial trade deal focusing on agriculture
Written by Taiwo Adediran on September 26, 2019
The US and Japan have agreed an initial trade deal that will eliminate or lower tariffs on certain products traded between them. Duties on some agricultural goods will be removed or lowered, while digital products will also benefit.
US President Donald Trump said the world’s first and third largest economies achieved a “tremendous” deal. Under the deal, over ninety percent of US food and agricultural products going into Japan will either be free of any duty or receive preferential tariff access, according to the Office of the United States Trade Representative.
Japan will reduce tariffs on products such as fresh and frozen beef and pork, and will immediately eliminate them for certain nuts, fruits and vegetables. In return, the US will either remove or lower duties on some $40 million of agricultural imports from Japan, including cut flowers, green tea and soy sauce.