Japan considers expanding imports of U.S. soybeans

During the Japan-U.S. tariff negotiations, the Japanese government is considering expanding imports of U.S. soybeans. As of 2023, more than half of the soybeans exported by the United States are destined for China. Due to the Sino-U.S. trade friction, the export volume of U.S. soybeans has decreased, and Japan is considering taking on the reduced part to guide the U.S. to soften its attitude.

Japanese Minister of Economic and Fiscal Revitalization Ryomasa Akasawa, who is responsible for tariff negotiations with the United States, will visit the United States from April 30 to May 2 to hold consultations with U.S. Treasury Secretary Benson and others. Akasawa said he would strive to “reach an integrated agreement,” and the plan to expand imports of U.S. soybeans will become one of Japan’s bargaining chips.

Japan’s soybean imports are carried out by private enterprises. The import volume in 2024 increased by 0.5% from the previous year to 3.17 million tons. Among them, the United States accounted for 65.7%, Brazil accounted for 23.4%, and Canada accounted for 10.4%. The Japanese government is considering allowing private enterprises to increase imports from the United States.

In 2023, 54.3% of U.S. soybean exports were destined for China. The tariffs imposed by the Trump administration on Chinese imports have now reached 145%. China has also taken countermeasures and raised tariffs on US imports to 125%.

Currently, China is significantly reducing its imports of US soybeans. The American Soybean Association, an industry group, expressed concern about the possible impact on US farmers and hoped that the Trump administration would negotiate with China as soon as possible and reach an agreement.

In 2019, during Trump’s first term when Sino-US frictions intensified, due to insect plagues in Japan, the Japanese government announced that it would purchase feed corn from the United States and other overseas countries. The Ministry of Agriculture, Forestry and Fisheries of Japan has established a system to fully subsidize storage costs at the time of purchase.