Japan is planning to drastically review its tariffs on U.S. pork to increase its imports, responding to a strong call from Washington in bilateral talks related to 12-country Pacific free trade negotiations, sources close to the matter said Tuesday.
Japan will likely reduce tariffs on pork — one of the country’s five farm product categories designated as off-limits — in a wide range of prices, but Tokyo and Washington have yet to find common ground on the extent of tariff cuts, the sources added.
The issue has been one of the biggest sticking points between Japan and the United States, the two largest economies in the Trans-Pacific Partnership initiative. They will aim to fill gaps during bilateral working-level talks slated for Thursday and Friday in Washington, they said.
Japan currently levies tariffs on pork in three different ways according to price range, under which the lower the pork import price, the higher the levies are imposed, with the aim of blocking an influx of inexpensive products from overseas.
On low-priced pork, Japan imposes up to 482 yen per kilogram, while high-priced pork is subject to a 4.3 percent tariff.
via Mainichi
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019