Japan agrees to trade deal but details have yet to be hammered out

This week, a trade framework was established with Japan, America’s number four trading partner. Imports to the U.S. will be charged a 15% tariff on all goods - 10 points lower than the threatened 25% tariff. 

The deal has U.S. automakers concerned because completed Japanese cars will be charged a lower duty while they pay a 50% tariff on imported raw materials like steel and aluminum.

Federal government data shows 7% of all U.S. agricultural exports, valued at almost $17 billion, are purchased by Japan. 

Trade talks with China continue as an August 12 deadline looms. U.S. Treasury Secretary Scott Bessent says the deadline will likely be extended.

Australia has reduced restrictions on U.S. beef imports that President Trump called a “ban.” Aussie officials say it was a way to keep Bovine Spongiform Ecephalopathy out of the Australian market.  Negotiators have agreed on a tracing protocol.  

For Market to Market, I’m David Miller.

contact: miller@iowapbs.org