MECHANICSBURG, Pa. — The Mid-Atlantic Soybean Association (MASA) applauded the successful conclusion of trading negotiations between the United States and Japan with the signing of the U.S. – Japan Trade Agreement by President Trump today, October 7.
“The U.S. – Japan Trade Agreement cements an excellent trading relationship,” said executive director Vince Phillips. “The Trade Agreement will provide America’s farmers and ranchers enhanced market access in our third largest agricultural export market”.
Japan is one of the top ten markets for U.S. soybeans. Of specific interest to soybean growers is a staged reduction of Japan’s tariff on soybean oil. According to the American Soybean Association, the two counties have an excellent trading relationship regarding soybeans with the United States being the largest soybean supplier to Japan, with soybean exports totaling $976 million in 2017.
This was one of two agreements with Japan, the other on digital trade. The White House issued the following regarding the agricultural part of the Agreement:
- This is a tremendous victory for American farmers, as they will have expanded access to a fairer market to export their products.
- Japan is our third largest agricultural export market and accounted for $14.1 billion in food and agricultural exports in 2018.
- Japan will eliminate or reduce tariffs on approximately $7.2 billion in United States agricultural exports.
- Japan will eliminate or significantly lower tariffs on American beef, pork, poultry, wheat, cheese, wine, ethanol, and more.
- Once this agreement is implemented, over 90 percent of United States agricultural imports into Japan will be duty free or receive preferential tariff access.
Source: White House Press Office https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-secured-tremendous-victory-american-farmers-businesses-new-japan-trade-agreements/
–Vince Phillips, Mid-Atlantic Soybean Association