WASHINGTON, The US and Japan on Tuesday signed two trade deals in agriculture and digital cooperation, which President Donald Trump regarded a “tremendous victory” for both countries.
“They will create countless jobs, expand investment and commerce, reduce our trade deficit quite substantially, promote fairness and reciprocity and unlock vast opportunities for growth,” he told reporters at the White House after signing the deals alongside Japan’s Prime Minister Shinzo Abe.
On the agricultural agreement, Japan will eliminate or reduce tariffs on approximately USD 7.2 billion of US agricultural exports, representing over 90 percent of the goods it receives from the US.
Japan is the third largest importer of US agricultual goods, and Trump said this will provide American farmers with access to a “critical foreign market.” In regards to the digital deal, the White House said that a joint agreement includes high-standard provisions that address key digital trade issues.
It will offer digital goods a “gold standard” on trade rules, which will give both countries duty free or preferential tariff access and will be a boost to their current USD 40 billion-worth of digital trade.
President Trump added that he would continue to work towards achieving a “final comprehensive” trade agreement with Japan.
Source: Kuwait News Agency