Main points of new Japan-U.S. trade agreement
- Japan and the U.S. will hold fresh discussions on the elimination of the U.S. tariff of 2.5% on Japanese cars after an agreement is signed in September.
- Japan will at once lower its 38.5% tariff on U.S. beef to the level of the tariff for TPP partners immediately after the effectuation of an agreement in order for the rate to eventually reach 9%.
- Japan will incrementally reduce the current specific tariff of 482 yen per kilogram of U.S. pork to 50 yen. It will also remove the ad valorem duty.
- Japan and the U.S. put off a decision on whether to set a low-tariff import quota for 33 items like butter that Japan has set for TPP members.
- Japan and the U.S. will continue to hold working-level talks for setting Japan’s quota for the import of U.S. rice in order to reach agreement in September.
