U.S.-Japan wheat trade announced in principle

President Donald Trump and Japanese Prime Minister Shinzo Abe announced Aug. 25 a trade agreement in principle between the two countries to keep exports of U.S. wheat going to a major buyer.

Negotiations have been on to counter the effect of the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which cut the effective tariff on Canadian and Australian wheat to Japan, eventually to a reduction of about $70 per metric ton, or 45 percent below the current tariff for U.S. wheat.

In the past five years, Japan has been the largest, most consistent and valuable...