The world’s largest financial newspaper is reporting Japan will eliminate tariffs on U.S. wine. The Nikkei is a well-known Japanese financial newspaper that has a daily circulation of over 3 million subscribers and has been published since 1876. The paper is reporting that Japan is planning to phase-out tariffs on U.S. wine as part of the new trade deal between the two countries.
The newspaper claims the tariffs on wine will be reduced and then eliminated within five to seven years. The trade deal should gradually lower costs on several U.S. products with a significant impact on wine. The Nikkei reported that U.S. wine currently faces the cheaper tax of either 15 percent or $1.16 per liter and getting rid of that could save distributors around 13 percent on U.S. wine. The Nikkei also reported the agreement between the United States and Japan is expected to be signed on the sidelines of the U.N. General Assembly meeting.