Japan US trade agreement approved: the US will cancel about 92percent of Japans commodity tariffs

 Japan US trade agreement approved: the US will cancel about 92percent of Japans commodity tariffs

Members of the ruling Liberal Democratic Party and other parties passed the Japan US trade agreement by a majority vote in the Senate, the Nikkei Asian review reported on December 4. According to the agreement, the tariff on US beef will gradually drop from the current 38.5% to 9% in 2033.

In addition, the agreement on digital trade between Japan and the United States was approved by the Japanese Senate. The two agreements will come into force on January 1 next year.

Last September, U.S. President trump met with Japanese Prime Minister Shinzo Abe to agree on Japan US trade negotiations, which were signed on October 7 this year.

The Nikkei Asia review pointed out that the president of the United States has the right to complete domestic procedures to make the agreement effective without a vote of Congress, but Japan requires the approval of Congress before the agreement can enter into force.

On November 19, Japans house of Representatives voted to approve the Japan US trade agreement.

According to a trade agreement reached between Japan and the United States, the United States will eliminate about 92% of Japans commodity tariffs in terms of value, while Japan will eliminate 84% of the United States commodity tariffs, a Japanese government official said.

Japan and the United States will continue to discuss the reduction and elimination of tariffs on automobiles and auto parts. The two countries will decide on the agenda of the second round of trade talks as early as next spring. It is not clear whether trump will agree to hold Japan US negotiations on auto tariffs before the US presidential election in November next year.

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