The European Union parliament approved the EU-Japan trade agreement. The agreement removes tariffs on 97% of European exports, with agriculture exports seeing significant tariff reductions.
The pact will enter into force Feb. 1, 2019. In addition, the 11 nation CPTPP regional trade agreement will come into effect on Dec. 30 with a second round of tariff cuts coming again on April 1, 2019. In 2016, Japanese consumers purchased almost $1.6 billion of U.S. pork products.
With the CPTPP deal and the EU-Japan trade pact in place, U.S. agriculture is at risk of losing market share in one its largest export markets. Farm groups continue to urge the Trump administration to expeditiously negotiate a trade agreement with Japan to avoid market share loss.