The U.S.-Japan trade agreement is a step forward. This is the president`s first trade agreement with a major trading partner that, given that its limited scope does not require congressional approval, could soon produce its full effect. DLA Piper has experience in customs legislation and trade agreements. If you have any questions or ask for additional advice, please contact us. 15. U.S. Customs and Border Services, CSMS #41149692, U.S.-Japan trade agreement: information on the request for preferential treatment. www.cbp.gov/trade/free-trade-agreements/japan. Japan is the United States` fourth largest merchandise trading partner, with the two countries trading $217.6 billion in merchandise in 2018. In addition, U.S. agricultural exports to Japan totaled $13 billion in 2018, making Japan the third largest agricultural export market and underscores Japan`s importance to U.S.
farmers. As we all celebrated the new year, January 1, 2020, implicitly launched a new trade agreement for the United States. The U.S.-Japan trade agreement is the latest free trade agreement that benefits U.S. importers and exporters.1 Signed on October 7, 20192, along with the U.S.-Japan Digital Trade Agreement, which only came into force on New Year`s Day, after the implementation of existing legal procedures. What is important is that these are not automobiles and auto parts, but the two countries have agreed to continue negotiations on the removal of tariffs on these types of products.3 USDA Japan has developed a series of product letters that provide a succinct overview of the impact of USJTA on certain product categories. Please note that the information provided is not complete and additional details are included in the text of the contract itself. The U.S.-Japan Trade Agreement (USJTA) came into force on January 1, 2020. In that agreement, Japan committed to grant the United States significant market access by phasing in most tariffs, implementing significant tariff reductions or allowing a certain volume of imports at a lower price.
Once the USJTA is fully implemented, nearly 90% of U.S. food and agricultural products imported into Japan will be duty-free or preferential tariff access. The full text of the agreement and fact sheets are available on the website of the U.S. Trade Representative (USTR). 12. General Note 4 (a) (k) in Schedule II of the trade agreement. ustr.gov/sites/default/files/files/agreements/japan/Annex_II_Tariffs_and_Tariff-Related_Provisions_of_the_United_States.pdf. Businesses with Japan and U.S. trade are invited to review the text of the agreements and understand the potential benefits. To this end, measures that can be considered by companies can be: 9.
www.whitehouse.gov/briefings-statements/president-donald-j-trump-secured-tremendous-victory-american-farmers-businesses-new-japan-trade-agreements/. Some experts, however, pointed out that the TPP had removed more barriers to trade with Japan. Senator Tom Carper (D-DE) called the new agreement “TPP-light-very-very light” and his colleague on the Senate Finance Committee John Cornyn (R-TX) agreed that he too would prefer the TPP. Critics have pointed out the failures of the new agreement: American rice and some milk exports to Japan, in particular, will continue to face trade barriers, as will automobiles.