WASHINGTON, March 24, 2022 (AFP) – The Joe Biden administration announced a deal with Tokyo on Thursday to increase the amount of beef the United States exports to Japan, without an automatic increase in customs duties. Of. ,
According to an official statement, the new mechanism will “enable US exporters to meet Japan’s growing demand for high-quality beef and reduce the likelihood of Japan imposing higher tariffs in the future.”
The deal means it will now be possible for Japan to import more beef from the US, which is higher than previously agreed limits and tariffs on the product have been increased from 25.8% to 38.5%, an official from the Office of the Trade Representative (USTR). ,
The cap was reached in March 2021, prompting Japan to raise import duties until the end of its fiscal year on April 30. The USTR official said this intensified discussions between the companies.
The Agreement will enter into force upon completion of the full text.
The United States is the world’s leading beef exporter, with sales exceeding $10 billion in 2021, including $2.4 billion to Japan, according to USTR data.
Tokyo and Washington signed a trade deal in October 2019 that is still in effect.
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