Us Japan Trade Agreement 2020

U.S. Bureau of Labor Statistics. 2020. Commodity-based producer price index for food and feed: beef products, fresh or frozen [WPS022101], called by FRED, Federal Reserve Bank of St. Louis. President Trump has withdrawn the United States from the TPP for his third day in office. Politicians on the left and right supported the decision, although the answer was not universal (Glass, 2019). Economists and trade experts were concerned that the United States would lose significantly foreign competition because the United States would not benefit from the same tariff reductions. For example, Marcus Noland of the Peterson Institute of International Economics argued that the U.S. withdrawal from the TPP was a self-inflicted injury. He said the withdrawal “not only deprives the United States of the economic benefits that the agreement would have brought, but sends a signal to Asia that the United States has relinquished leadership in the face of an emerging China” (Noland, 2018, p.

266). Under the Agriculture Agreement, a Member State of the World Trade Organization (WTO) can take safeguard measures to protect a certain domestic industry from increased imports from other Member States (WTO, 1994). Japan`s special beef safeguard clause increased tariffs by up to 50% if beef imports exceeded 117% of the amount imported in the previous fiscal year (Muhammad, Countryman and Heerman, 2018). In August 2017, the United States triggered the special safeguard clause for beef and increased tariffs on frozen beef in the United States from 38.5% to 50% between August 1, 2017 and March 31, 2018 (U.S. Department of Agriculture, 2019c). However, effective April 1, 2020, Japan`s special WTO beef safeguard clause applies only to countries with which Japan does not have an Economic Partnership Agreement (EPA) (U.S. Department of Agriculture, 2019c). Otherwise, Japan`s beef imports will be covered by separate trade agreements, making WTO safeguards redundant (USDA, 2019c). From an operational perspective, from January 14, 2020, the U.S.

Customs and Border Protection Automated Commercial Environment (ACE) will be able to process claims under the new U.S.-Japan trade agreement from January 14, 2020, with the new special program indicator “JP” as a prefix to the permissible customs number15. Finally, General Note 36 will be added to the HTSUS and will include other guidelines. In 2017, the United States withdrew from the Trans-Pacific Partnership (TPP), a 12-country trade agreement that fell to Japan.