Trump and Abe Put Trade Wheels in Motion
(NEW YORK CITY, NY) On Wednesday, President Donald Trump and Japanese President Shinzo Abe set the wheels into motion for a major free trade agreement between the two countries. The event, referred to as “stage one” of a bilateral trade agreement, addresses market access for agriculture and industrial goods, in addition to digital trade. According to a White House statement, over 90 percent of U.S. food and agricultural imports into Japan will either be duty-free or receive preferential tariff access once the agreement is implemented. The initial agreement is seen as a major victory for most of the agriculture industry as the National Cattleman’s Beef Association (NCBA), National Pork Producers Council (NPPC), National Corn Growers Association (NCGA) and National Sorghum Producers (NSP) are all applauding the news. For the domestic rice industry, there’s little to celebrate. Japan has for some time, had a protectionist stance on imports of rice and this deal does not change that. Trump acknowledged there will be more negotiations on remaining areas of interest as both sides look to complete the comprehensive deal soon.