Monday, April 28, 2014

Japan and U.S. strike trade deal

There are reports by a Japanese newspaper that a trade deal has been struck with the United States.

No details are available, but the Japanese newspaper says beef import tariffs will be cut from 38 per cent to about nine per cent over a 20-year period.

Pork is also part of the deal.

Canada has been negotiating a free-trade deal with Japan, but the U.S. has beaten the Canadians to the punch.

The deal between Japan and the U.S. moves the Trans-Pacific Partnership negotiations closer to its goal of a trade deal for a broader group of countries, including Australia, New Zealand and many Pacific-rim countries.

Canada’s supply-managed poultry and dairy sectors are nervous about these negotiations because they are likely to force a reduction in Canadian tariffs that are crucial the marketing boards’ ability to keep charging relatively high prices.