Montana Stockgrowers Association is happy to announce President Trump and Prime Minister Abe Shinzo have reached an agreement on agriculture trade.
“Japan is the number one export market for U.S. beef and accounts for one quarter of our exports,” said MSGA President, Fred Wacker. “MSGA consistently advocates for agreements, like The United States Japan Trade Agreement, which remove trade barriers and give our ranchers the opportunity to access more markets.”
The United States-Japan Trade Agreement will eliminate or reduce tariffs on certain agricultural and industrial products to enhance bilateral trade in a robust, stable, and mutually beneficial manner between our nations, which together account for approximately 30 percent of global gross domestic product.
“This is welcome news for Montana’s farmers and ranchers,” said Senator Jon Tester, “who rely on access to foreign markets, like Japan, to sell their world-class products.”
The agreement will provide America’s farmers and ranchers enhanced market access in our third largest agricultural export market. In the past, U.S. beef has faced a 38.5 percent tariff, while competitors have faced a 26.6 tariff. When the agreement is implemented by Japan, American farmers and ranchers will have the same advantage as CP-TPP countries selling into the Japanese market.
“Today’s announcement is a big win for Montana ag and jobs, and a major step forward for opening critical markets for our producers,” said Senator Steve Daines. “I’m happy to see President Trump and Prime Minister Abe announce they reached a deal that will help level the playing field for Montana farmers and ranchers.”
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. Frozen and fresh beef, specifically, will be included in tariff reductions and benefit from this enhanced access.
The United States and Japan will continue working to achieve a comprehensive trade agreement that results in a more fair and reciprocal trade and economic relationship.
“The new trade deal with Japan is a win for Montana farmers and ranchers,” said Congressman Greg Gianforte. “The deal President Trump struck with Japan ensures Montana’s high-quality ag products have access to that critical market.”
The agreement is expected to be signed in early October and implemented January 1, 2020.
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