Japan Ratifies Trade Deal
Japan's Parliament ratified a trade deal with United States that would cut tariffs beginning in January, reducing the tariff rates down to similar levels for other countries.
This comes at a time when North Dakota ranchers have been seeking relief from difficult weather and other ongoing trade disputes. However, ranchers say the harm from the trade war has already made an impact.
"We've had quite a long stretch of depressed markets and a tough time this fall with just the way it's been. There's been a lot of livestock losses and a lot of extra feeding with the storm stuff. So any time we can get access to more foreign markets and level the playing field with our trading partners, that's really a good thing for us,” said rancher Tim Erbele.
Ranchers believe that while the short-term losses have been difficult, the deal will be beneficial in the long-term.
Japan is America's third-largest trade partner for agriculture products; taking in about $14 billion worth of goods.