U.S. & Japan Reach Trade Deal on Farm Goods & Digital Trade
On Wednesday, 9/25, it was reported by the NY Times that President Trump and Japan’s Prime Minister Shinzo Abe signed a trade agreement that will lower agricultural tariffs in Japan, industrial tariffs in the U.S. and set new rules for digital trade between the world’s first- and third-largest economies. This is potentially the first step to a broader agreement regarding trade between the two countries.
“Japanese tariffs will now be significantly lower or eliminated completely on beef, pork, wheat, cheese, corn, wine and so much more,” Mr. Trump said – the deal will open markets for about $7 billion in U.S. products, including agriculture.
The Office of the U.S. Trade Representatives mentioned that U.S. farm products will now be given the same advantage in Japanese markets as countries that signed the Trans-Pacific Partnership. Trump had pulled out of this partnership previously.
China Has Agreed to Buy ‘Sizable Amounts’ of Soybeans and Pork from U.S.
China’s Commerce Ministry on Thursday, 9/26, said that Chinese companies have agreed to buy “sizable amounts” of soybeans and pork from the U.S. ahead of planned high-level talks in Washington next month.
According to CNBC, China agreeing to buy pork from the U.S. comes close on the heels of efforts by authorities in China to ease supply shortage of pork due to yearlong outbreak of African swine fever.
Reminder – USTR Exclusions for List 3 Due by End of September
Please take note, the deadline for submitting exclusions request for more than $200 billion in tariffs is due by September 30, 2019.
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National Day of China – October 1st – October 7th (Many offices in China will close and reopen October 8th)