LINCOLN, Neb. (KCAU) – Leaders in Japan have approved a new trade deal with the United States with Nebraska Governor Pete Ricketts applauding the new deal.
In 2018, Nebraska exported more than $1 billion worth of agricultural products to the country.
This new deal will help reduce some of the ongoing tariffs between the U.S. and Japan.
On Wednesday, Governor Pete Ricketts released a statement following the news that Japan’s National Diet had approved a new trade agreement with the United States.
“Thank you to our friends in Japan for swiftly approving this new trade agreement,” said Gov. Ricketts. “President Trump’s deal with Japan is a big win for Nebraska farmers and ranchers and for Japanese consumers. It reduces Japan’s tariffs on beef, pork, corn, and other Nebraska-grown crops, which will help expand what is already Nebraska’s top market for ag exports. Breaking down these barriers will grow the longstanding friendship between our two countries and give our Japanese customers even greater access to our high-quality food.”
Last year, Japan bought more Nebraska beef, pork, wheat, and eggs than any other country. Japan is also the second-largest export market for Nebraska corn.
The total dollar value of Nebraska’s top three ag exports to Japan in 2018.
· Beef: $412.1 million (29% of all Nebraska beef exports)
· Corn: $333.9 million (22% of all Nebraska corn exports)
· Pork: $262.7 million (56% of all Nebraska pork exports)
The agreement was negotiated earlier this year by President Donald Trump and Japan’s Prime Minister Shinzō Abe.
The new trade agreement is scheduled to take effect on the first of the new year.
Once this agreement is implemented, over 90% of U.S. food and agricultural products imported into Japan will either be duty-free or receive preferential tariff access.
For more information about the U.S-Japan Trade Agreement, go to the Office of the U.S. Trade Representative website.