The Japanese government is expected to cut tariffs on U.S. wine imports and slash duties on American beef and pork to levels set by the Trans-Pacific Partnership under a new bilateral trade deal expected to be signed on the sidelines of the United Nations General Assembly late in September.
Japan, according to local and international reports, has agreed to lift tariffs on U.S. wine, which is now set at a rate of 15% or 125 yen per liter within five to seven years after the implementation of the trade pact. The Nikkei newspaper on Sunday said the government has also agreed to gradually slash duties on U.S. beef imports from 38.5% to nine percent until 2033.
The agreement once signed, will also see duties levied on low-grade pork drop from 482 yen ($4.58) to 50 yen per kilo. Tariffs on high-grade pork, meanwhile, will be eliminated in phases. The U.S., for its part, is expected to open its doors for Japan’s premium wagyu beef.
The countries have put off a discussion regarding tariffs on vehicle imports, with Japan mulling whether to set quotas for 33 other U.S. agricultural products.