TOKYO, Japan’s parliament on Wednesday approved a new trade pact with the US that will cut tariffs on industrial and farm products, paving the way for the deal to take effect on January 1, 2020.
The deal, agreed by Japanese Prime Minister Shinzo Abe and US President Donald Trump in September, cleared the Upper House earlier in the day after its passage in the Lower House last month.
Under the agreement, Japan will cut tariffs for USD seven billion in US farm products. The US side will reduce tariffs on USD 40 million in Japanese agricultural exports, according to the deal.
The two countries have decided to keep US auto tariffs unchanged, and continue to negotiate tariffs on Japanese cars and auto parts. In 2017, Trump withdrew from the 12-nation free trade framework, known as the Trans-Pacific Partnership, under his “America First” policy.
Source: Kuwait News Agency