Tariffs, continued

This is a complicated subject. 

For example, current data puts the Japanese tariff on U.S. rice at about 400% outside of the minimum-access framework according to the Japan Times. 

Japan annually imports about 100 to 200 tons of rice outside of the minimum-access framework.

However, between 300,000 to 400,000 tons annually is exported to Japan from the U.S. tariff-free under a 1995 deal with the World Trade Organization (WTO).

Currently the Japanese tariff rate on U.S. beef is about 20% falling to 9% in 2033 according to the USDA.

Japan’s tariff rate is 8.5% for processed pork and 4.3% for unprocessed pork dropping to 0% in FY 2028.  

The administration’s goal is to eliminate this trade deficit by leveling the playing field and not having countries tariff U.S. products.

According to Visual Capitalist, the U.S. has the following annual trade deficits:

China -$295B (billion)

Mexico -$172B

Vietnam -$124B

Ireland -$87B

Germany -$85B

Taiwan -$74B

Japan -$69B

S. Korea -$66B

Canada -$63B

India -$46B

China has an average tariff of 6.5%. 

India has an average tariff of 14.3%

Brazil’s average tariff is 12.4% while the U.S. has an average tariff of 2.4% according to Fox Business’ Larry Kudlow.