(Posted Wed. Dec 4th, 2019)
The Japanese Diet, the country’s legislative body, earlier today ratified the U.S.-Japan Trade Agreement. The agreement secures the second-largest export market for corn farmers and is expected to go into effect on January 1, 2020. This agreement formalizes and builds on our long-standing trading relationship with Japan.
Japan is the number two buyer of U.S. corn, purchasing more than $2 billion in the most recent marketing year. The agreement reduces U.S. corn and sorghum imports for all purposes to a zero-level tariff and includes a staged tariff reduction for U.S. ethanol and corn. U.S. feed and food corn, corn gluten feed, and DDGS will continue to receive duty-free market access.
NCGA President Kevin Ross in October joined leaders of other farm and commodity groups at the White House to commemorate the signing of the U.S.-Japan Trade Agreement