Japan to eliminate tariffs on US wine import in trade deal


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Japan to eliminate tariffs on US wine import in trade deal

Japan, the third-largest economy of the world and the closest trading partner of world’s largest economy, United States, had agreed to offload tariffs on US wine imports as part of its broad bilateral free trade treaty with the United Sates, which is expected to be signed by the end of this month, a Japanese Nikkei Newspaper report published on Sunday, the 15th of September 2019, had revealed citing at least three sources directly briefed over the subject matter.

Aside from that, according to Sunday’s (September 15th) the Nikkei report, insiders familiar with the issue had also added that Japan would likely to eliminate the tariffs on US wine imports within five to seven years after the deal went into effect.

In point of fact, as of now, Japan has been taxing US imported wine at a rate of 15 per cent or 125 yen ($1.16) per litre or whatever is cheaper, while Japan’s latest decision to eliminate the tariffs would be slashing expenses of US wines by 13 per cent for the wine distributors, Sunday’s (September 15th) the Nikkei report said citing sources directly briefed over the subject-matter.

On top of that, the Nikkei report also added that the broad bilateral free trade treaty between US and Japan, which is expected to be rubberstamped over the sidelines of the UN General Assembly in Washington by this month-end as beforementioned would likely to curb taxes on US beef imports to 9 per cent by 2033 from current 38.5 per cent, while officials of Japanese trade ministry did not comment immediately when being asked about the issue.