The announcement of “early achievements” in trade negotiations between the U.S. and Japan by President Trump and Prime Minister Abe are focused on the agricultural sector. The largest product lines that may benefit from lower tariffs are U.S. exports of beef worth $1.68 billion in the 12 months to Jul. 31 and pork worth $1.50 billion. Yet, the most upside – based on the proportion of products exported globally versus those to Japan – may be wheat, chicken and almonds. Less attention has been directed at U.S. tariff reductions on Japanese industrial exports incl...