Trade agreement with Japan is crucial for US beef industry

Trade agreement with Japan is crucial for US beef industry

5 years ago
Anonymous $dicfOfy7s2

https://phys.org/news/2018-07-agreement-japan-crucial-beef-industry.html

Under the CPTPP, Japan agreed to significant tariff reductions on beef, with reductions from 38.5 percent to 9 percent for muscle cuts. Tariff reductions for select offal products will be phased out completely. Meanwhile, U.S. beef will continue to face tariffs of 38.5 percent to 50 percent, as well as a global safeguard tariff of 50 percent when imports exceed a specified level. Understandably, the tariff advantage for CPTPP countries has raised concerns in the U.S. beef industry about its future in Japan.

Although the U.S. has free trade agreements with several CPTPP countries, it does not have one with Japan, which is the leading market for U.S. beef exports. In 2017, U.S. beef exports totaled $7.3 billion, with Japan accounting for more than 25 percent of this total.