Japan: Beef, Wheat May Be Sacrificed in Talks | Global AgInvesting

Japan: Beef, Wheat May Be Sacrificed in Talks

Japan: Beef, Wheat May Be Sacrificed in Talks

 

Though Japan will try to protect tariffs on rice, sugar and dairy products, the country will likely only be able to protect approximately 5% of its total goods in Trans-Pacific-Partnership (TPP) talks.  Eliminating the 38.5% tariff on beef will see a jump of up to 40% in imports from the U.S. and Australia as well as other countries; and cutting the huge 252% tariff on wheat and ending the farm ministry’s control of purchasing may bring 600,000 tons a year in shipments.  Japan will want to keep tariffs on rice and milk to ensure food security.  The tariff on rice is 778% and 328% on sugar.  Japan depends on imports for 60% of its food and joining the TPP could help exports from other Japanese companies such as Nissan.

 

Read the article