On October 7, 2019, the Office of the US Trade Representative (USTR) published the official text of the US-Japan Trade Agreement (USJTA), which will reduce or eliminate tariffs on bilateral trade in certain agricultural and industrial products. The USJTA consists of the following elements: (1) a core text setting out the scope and operation of the Agreement and the Parties' core commitment to improve market access; (2) Annexes detailing the specific market access commitments to be undertaken by each Party and the rules of origin applicable to goods covered by the Agreement; and (3) six side letters containing additional commitments by the Parties with respect to alcoholic beverages, beef, rice, safeguards, skimmed milk powder, and whey. The text of the USJTA confirms that, as expected, the Agreement covers a relatively small share of bilateral trade between the United States and Japan (i.e., approximately 5% of total US goods imports from Japan, and less than 18% of Japan's total goods imports from the United States). Nevertheless, the Agreement will have important implications for certain industries, and perhaps for future trade negotiations between the United States and Japan. The attached report provides an overview of the Agreement, its implications, and the procedures that each side must complete before the Agreement may enter into force.