President Donald Trump said agriculture will be a focal point in trade talks with Japan as farmers are hoping a deal with Japan will make up for lost market access after the U.S. withdrew from the Trans-Pacific Partnership.
Before meeting with Japanese Prime Minister Shinzo Abe last week, Trump stated the two would be “discussing very strongly agriculture,” according to Politico. Japan will be seeking market access in return, which could include growing markets for its specialty agricultural products. The U.S. and Japan earlier this month agreed to accelerated trade talks in hopes of reaching a speedy deal by focusing on agriculture automobile trade.
The benefits seen in a new trade deal with Japan are likely to be similar to those agriculture welcomed during the TPP negotiating process. Japan and TPP-member countries have signed a new agreement now in place, giving other nations reduced tariffs and improved access to Japan, resulting in a decline of U.S. products flowing to Japan.