Statement
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Tariff relief that parallels the Comprehensive and Progressive Trans-Pacific Partnership will allow US beef and pork exports to return to a strong growth trend in Japan.
USA, Washington. On Sept. 25 President Trump and Japanese Prime Minister Shinzo Abe announced completion of an agreement that will greatly improve access for US red meat in Japan. Key provisions are outlined in this fact sheet from the Office of the US Trade Representative.
Tariff relief that parallels the Comprehensive and Progressive Trans-Pacific Partnership will allow US beef and pork exports to return to a strong growth trend in Japan. With a level playing field, USMEF’s forecast for 2020 is for US beef and pork exports to Japan to reach $2.3 bn. and $1.7 bn., respectively. Export volumes are projected to be roughly 360,000 metric tons for beef and 410,000 t for pork. Volume and value projections are based on reduced tariff rates being in place for the full year.
USMEF projects that by 2025 red meat exports to Japan will approach $5 bn. – roughly $2.8 bn. for US beef and more than $2 bn. for US pork – as consumption of US red meat increases due to greater access for Japanese consumers and the US gains import market share.
USMEF President and CEO Dan Halstrom commented this deal: „With Japan being the largest value destination for US pork and beef exports (combined export value in 2018 was $3.7 bn.), there is no market more critical to the US red meat industry.“
Source: USMEF