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Japan parliament approves US free trade pact

Agreement takes effect on Jan. 1 and will slash tariffs on US beef

The free trade pact will scrap about 92% of U.S. tariffs on Japanese products, while Japan eliminate about 84% of its duties on U.S. products in value terms.   © Reuters

TOKYO -- The Japan-U.S. trade agreement designed to reduce or eliminate a broad range of import tariffs was approved by majority vote of the ruling Liberal Democratic Party and others in the upper house of the Diet on Wednesday. The pact will reduce the tariff on U.S. beef in steps from 38.5% at present to 9% by fiscal 2033.

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