Trump trade agreement benefits SD ranchers and farmers
On Wednesday, Sept. 25, President Donald Trump has reached agreements to modernize and strengthen trade relationships with Prime Minister Shinzo Abe of Japan.
Under a market access agreement, Japan will open their markets to approximately $7 billion in American agriculture exports and more. Japan will also eliminate or significantly lower tariffs for American beef, pork, poultry, wheat, cheese, wine, certain nuts and berries, ethanol, and more.
"We're going to have a really great relationship, better than ever before on trade. I think it's going to be better for Japan and better for the United States," President Trump said.
A separate deal was also reached that includes commitments on digital trade, which will expand commerce across modern industries. The White House also claims that this deal will expand trade and substantially reduce the U.S. trade deficit.
U.S. Sen. John Thune (R - S.D.) released a statement on this new trade deal with Japan:
“Amid what seems like a tidal wave of obstacles this year, this is exactly the kind of news farm country has been waiting for, and I expect this deal, once approved by Japan, will have a direct and positive effect on the U.S. agriculture industry,” said Thune. “In addition to helping beef and pork producers, this agreement will boost America’s dairy, ethanol, and wheat industries. Any day that we can create more opportunities for U.S. companies to reach new or expanded markets around the world is a good day, and I can say with confidence that today is a good day. I look forward to more deals that will open new markets around the world.”