A trade deal between Japan and the United States was set to enter into force Wednesday granting greater market access to U.S. agricultural products while giving Japanese automakers respite from the threat of additional tariffs.
The deal eliminates or lowers tariffs on $7.2 billion worth of U.S. exports, including beef, and puts American farmers on level ground with competitors from Australia and Canada, which along with Japan are part of the revised Trans-Pacific Partnership trade agreement.
Japan will immediately cut its 38.5 percent tariff on U.S. beef to 26.6 percent and make gradual reductions each year until it reaches 9 percent in 2033.