U.S. beef was on the menu as President Trump and Japanese Prime Minister Shinzo Abeate together in Tokyo over the weekend. But the convivial atmosphere is likely to give way to indigestion this summer. Tensions over agricultural trade between the U.S. and Japan have been rising since the Trans-Pacific Partnership came into force without U.S. participation at the beginning of this year. The trade deal means U.S. beef continues to attract a 38.5% tariff, while Australian, Canadian and New Zealand beef is taxed at 26.6%—a rate...

Source: Wall Street Journal May 28, 2019 12:33 UTC