Source: US State of Nebraska
LINCOLN – Today, Governor Pete Ricketts issued a statement following news that President Donald J. Trump had signed a new trade agreement with Prime Minister Shinzō Abe of Japan.
“The agreement signed today is a big win for the Beef State,” said Gov. Ricketts. “For four years now, we have been working to get a trade deal done with Japan because it is Nebraska’s largest export market for ag exports including our beef, pork, and eggs. Thank you to President Trump for the personal attention he’s paid to working with our Japanese friends to get this deal done. This agreement will help ensure that our quality ag products remain affordable to our Japanese customers for years to come.”
Gov. Ricketts recently returned from his third trade mission to Japan where he encouraged Japanese officials to work with the Trump Administration to finalize this trade agreement.
BACKGROUND ON THE U.S.-JAPAN TRADE AGREEMENT
Background provided by the Office of the U.S. Trade Representative:
- The United States and Japan have reached an agreement in which Japan will eliminate or lower tariffs for certain U.S. agricultural products. For other agricultural goods, Japan will provide preferential U.S.-specific quotas.
- Once this agreement is implemented, over 90 percent of U.S. food and agricultural products imported into Japan will either be duty free or receive preferential tariff access. For example, under the agreement, Japan will:
- Reduce tariffs on products such as fresh and frozen beef and pork.
- Provide a country-specific quota for wheat and wheat products.
- Reduce the mark-up on imported U.S. wheat and barley.
- Immediately eliminate tariffs for almonds, walnuts, blueberries, cranberries, sweet corn, grain sorghum, broccoli, and more.
- Provide staged tariff elimination for products such as cheeses, processed pork, poultry, beef offal, ethanol, wine, frozen potatoes, oranges, fresh cherries, egg products, and tomato paste.
- This agreement provides for the limited use of safeguards by Japan for surges in imports of beef, pork, whey, oranges, and race horses, which will be phased out over time.
- When the agreement is implemented by Japan, American farmers and ranchers will have the same advantage as CP-TPP countries selling into the Japanese market.
- The United States will provide tariff elimination or reduction on 42 tariff lines for agricultural imports from Japan valued at $40 million in 2018, including products such as certain perennial plants and cut flowers, persimmons, green tea, chewing gum, and soy sauce.
- The United States will also reduce or eliminate tariffs on certain industrial goods from Japan such as certain machine tools, fasteners, steam turbines, bicycles, bicycle parts, and musical instruments.
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