Japan Agreement to Restore U.S. Benefits in TPP

The trade agreement announced over the weekend between the U.S. and Japan should close the tariff gap created when President Trump removed the U.S. from the Trans-Pacific Partnership. Details have yet to be announced, but agriculture groups expect the tariff levels to be comparable to those of other nations who continued the TPP negotiation without the United States. While there are details yet to be worked out, U.S. Grains Council CEO Ryan LeGrande says, “lowering market access barriers with one of our most valuable and loyal grain buyers is a critical win-win.” LeGrande says the deal will level the playing field for U.S. agriculture. The agreement is expected to be finalized and signed late next month in conjunction with the United Nations General Assembly meeting. Meanwhile, following last week’s turbulent developments in the trade war with China, President Trump Monday said the two sides would resume negotiations. China announced retaliatory tariffs Friday, including increased tariffs on U.S. ag products, prompting Trump to do the same.