Japan-US Trade Agreement Will Reduce the Japan’s Agricultural Output

According to Japanese JAPANmedia Aquatic Productreports, the Ministry of Agriculture and Forestry released an estimate on the 23rd day that, the entry into force of the Japan - US trade agreement would reduce the Japans domestic agricultural output by up to 110 billion yen (7.1 billion yuan) .

As reported, this estimate is aimed at 33 agricultural products with a tariff rate of more than 10% and a domestic production of more than 1 billion yen, and estimates the impact of the inflow of the cheap agricultural products from the United States to Japan on the domestic prices of the agricultural products.

Specifically, beef will be reduced by 23.7 billion to 47.4 billion yen, dairy products such as the cheese will be reduced by 16.1 billion to 24.6 billion yen, pork will be reduced by 10.9 billion to 21.7 billion yen, oranges and other citrus products will be reduced by 1.9 billion to 3.9 billion yen, and the overall reduction is expected to be 60.3 billion to 109.6 billion yen.

On December 10, Cabinet of the Japan completed the examination and approval of the Japan-US Trade Agreement. Subsequently, Japan officially notified the US of the result. The two sides agreed that the Agreement would enter into force on January 1, 2020.