U.S. and Japan strike deal on beef tariffs

6 months ago 34
WASHINGTON (Reuters) - The United States and Japan connected Thursday announced an statement that volition let American farmers and ranchers to conscionable Japan's increasing request for U.S. beef and lowers the chances of Japan imposing higher tariffs successful future, U.S. officials said.

The statement includes a caller mechanics that requires 3 abstracted conditions to beryllium reached - alternatively of lone 1 - for Japan to invoke a "safeguard trigger" and enforce higher duties connected U.S. beef for 30 days.

"This statement is simply a large triumph for our 2 countries that ensures American farmers and ranchers tin proceed to conscionable Japan’s increasing request for high-quality U.S. beef," U.S. Trade Representative Katherine Tai said successful a statement.

The agreement, reached aft a twelvemonth of consultations betwixt the 2 countries, volition travel into unit erstwhile the substance is finalized and each state has completed a fewer remaining steps, a elder U.S. authoritative said.

U.S. Agriculture Secretary Tom Vilsack welcomed the statement and said it would let for greater market-based maturation successful U.S. beef exports to Japan.

In 2021 the United States was the world's apical beef exporter, with planetary income of beef and beef products valued astatine much than $10 billion, U.S. information shows.

Exports of U.S. beef to Japan totalled astir $2.4 cardinal successful 2021.

U.S. nutrient producers had pushed for an accommodation to the thresholds, arguing that U.S. beef was astatine a competitory disadvantage against exporters who are members of the Comprehensi...

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