U.S.-Japan Reach Trade Agreement
The United States and Japan reached an agreement over the weekend on an agriculture-related trade deal. The agreement, according to President Trump, will lower tariffs on U.S. agricultural goods, although specific details have not been announced. President Trump during a news conference on the sidelines of the G7 Summit in France, says the U.S. and Japan hope to finalize the agreement next month. The agreement is expected to increase U.S. access to Japan for beef, pork, wheat, dairy and ethanol. Agriculture Secretary Sonny Perdue says the agreement closes tariff gaps and allows the U.S. to compete on a level playing field in Japan. Perdue says, “We will be able to sell more to the Japanese markets.” Agriculture groups welcomed the agreement, as the U.S. Meat Export Federation says, “favorable access to Japan is a major win, not only for the U.S. red meat industry but for all of U.S. agriculture.” American Farm Bureau Federation President Zippy Duvall stated, “This is much-needed good news on the agricultural trade front.”