Karen Gerwitz, President & CEO, World Trade Center Denver

The most recent move by President Trump to initiate a trade deal with Japan comes after two years of confusion in the area. In 2017, President Trump removed the United States from the Trans-Pacific Partnership, a trade deal created with 40% of the world's economy. President Obama signed onto the agreement with the intention of building strength among all member countries and perhaps stunting China's growth and control in the region. In an effort to put "America First", President Trump vowed to avoid multilateral trade agreements and altered the country's trade policy primarily to bilateral trade agreements. While the newest trade deal with Japan does not raise all industries to the level of access that was promised under the TPP, the agreement provides increased access for Colorado agricultural producers who wish to export to Japan and includes clarifying policy for digital trade.

Many who followed the drafting of the agreement expected to see the involvement of the automobile industry. While the U.S. does plan on reducing or eliminating tariffs on certain Japanese industrial goods (machine tools, fasteners, steam turbines, bicycles, bicycle parts, and musical instruments), the agreement does not include Japanese automobiles, aircrafts, liquefied propane gas or semiconductor manufacturing equipment from the U.S. Japan, however, will eliminate 10% duty on U.S. ethanol imports over the next 10 years. The change will impact $11 million worth of imports.

The main industries that can expect improved access and lower tariffs are U.S. pork, beef, wine, and barley. The tariff rates for those U.S. products have been lowered to match those of other agriculture producers and TPP countries such as Australia, Canada, and New Zealand. Also discussed in the agreement was a 45% reduction on Japanese markups of U.S. wheat products. Along with lower prices, the U.S. specific quota in Japan will increase to 150,000 metric tons of wheat over the next six years. Industries that have not fared as well are butter, skim milk powder, evaporated milk, and some grains, which have experienced less access to Japanese markets since President Trump pulled the U.S. from the TPP and were not included in the most recent rendition.(...)

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