The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
US rice growers won’t get increased sales under the current terms of a trade deal agreed by President Donald Trump and Japanese Prime Minister Shinzo Abe, people familiar with the accord said.
While there are still details to be finalised, the people said there won’t be any expansion of Japan’s quotas for US-grown rice. US producers hope the issue will be dealt with in the second phase of negotiations between the two countries, according to one of the people.
Still, it’s unclear whether or when Trump and Abe will continue talks given that any trade deal in Japan has to be approved by the parliament and the Trump administration is running out of time before the 2020 presidential election.
Japan is a key export market for US rice farmers, who have been under pressure after the Asian nation signed trade agreements with other countries including the revised
11-member Trans-Pacific Partnership. US Agriculture Secretary Sonny Perdue had suggested the White House may make a concession on rice, which is “sort of a cultural issue in Japan,†said local media.
Japan is required to import 682,000 tons of rice under World Trade Organization commitments, with the US typically making up about half of that amount, said USA Rice.