Japan considers increasing imports of soybeans and rice from the US

Japan is considering boosting imports of soybeans and rice as a trade concession in talks with the United States over President Donald Trump’s massive tariffs, Reuters reports.

As Trump’s trade aggression has roiled markets and fueled fears of a recession, Japan is seeking to roll back “retaliatory” tariffs and other duties imposed on Japan and dozens of other countries. In the first round of bilateral talks on Wednesday, U.S. negotiators raised autos and rice as areas where they say Tokyo is imposing market barriers, and demanded that Japan import more meat, fish and potatoes, the newspaper reported, without citing sources.

Japan has been hit with 24% tariffs on its exports to the United States, though those rates, like most of Trump’s tariffs, have been suspended for 90 days. The blanket 10% rate remains in place, as does a 25% tariff on autos, the backbone of Japan’s export-dependent economy.

According to the publication, the country’s trade minister asked the American team to list their priorities in order of importance.

Earlier, Indonesia and Pakistan announced an increase in soybean supplies from the United States for similar reasons.

Tags: rice, soybean, USA, Japan