Peanuts Fare Well in U.S.-Japan Trade Agreement Signed on Oct. 7, 2019
Japan imported about $36 million of U.S. peanuts and peanut products in 2018, including $5 million of U.S. peanut butter. Japan maintains a 75,000-ton WTO Tariff Rate Quota (TRQ) for peanuts, which has an out-of-quota duty of 617 yen per kilogram (approximately 593-737 percent ad valorum equivalent). Japan will immediately eliminate the 10 percent in-quota tariff. Japan will also eliminate its 12 percent tariff on U.S. peanut butter over five years. Peanut oil tariffs, currently as high as 10.4 yen/kg (approximately 5.6 percent ad valorum equivalent), will be eliminated in 10 years. Similarly, tariffs for prepared and preserved peanuts, currently as high as 23.8 percent, will be eliminated in eight years.
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