Unless the U.S. and Japan move quickly in promised trade talks, American wheat farmers stand to take significant hits in exports thanks to the swiftly approaching start of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Now that the Trump administration has officially informed Congress that it intends to begin negotiations with Japan on a free trade agreement, anticipation is growing for a new deal that’s expected to significantly boost U.S. exports of beef, dairy, pork, rice and other commodities.
The president revealed this week he has no intention of backing off the use of tariffs – not even with allies Mexico and Canada, who are retaliating with tariffs of their own on billions of dollars of U.S. agricultural goods.
The U.S. and Japan have agreed to enter into talks for a free trade agreement, a development the American agriculture sector has been hoping for ever since President Donald Trump pulled the U.S. out of the Trans-Pacific Partnership.
Agriculture Secretary Sonny Perdue has an alternate plan to end the U.S. trade war with China and the Trans-Pacific Partnership is key to its success, the cabinet member and former Georgia governor told Agri-Pulse in an interview.
Democrats and Republicans on the Senate Agriculture Committee were united today in their demands that the Trump administration settle its trade battles around the world and start forging new free trade agreements.