Farmers to Trade Execs: We Need an Agreement with Japan

Representatives of some of the largest farm and food groups in the U.S. sent a message to trade leaders on Monday: Move quickly in negotiations with Japan.

Government leaders hosted a hearing on trade as part of preparations to begin talks with Japan. U.S. producers of meat, grains, and other commodities stressed they have ground to recover since the U.S. departed from the Trans-Pacific Partnership, and they stand to lose significant market share to European, Australian, and South American countries already closing deals with Japan.

The U.S. exported $12 billion worth of ag commodities like wheat, corn, dairy, beef, pork and sorghum to Japan last year, making it the fourth largest foreign market for U.S. farm goods. For beef, Japan is the most valuable market for U.S. exports, but Australia now has an edge over U.S. shippers due to a free-trade agreement with Japan that has brought tariffs down sharply.

Source: Agri-Pulse