“It has 3 parts—agriculture, industrial tariffs, and digital trade …This will open up markets to over 7 BILLION dollars of those products.” -US Trade Rep. Robert Lighthizer
Andrea Morris : Aug 27, 2019 CBN News
[CBN News] President Trump agreed on a billion-dollar trade deal with Japan’s Prime Minister Shinzo Abe on August 25 at the G-7 Summit. (Image: AP /via CBN News)
The preliminary agreement has three parts which address industrial tariffs, agriculture, and digital trade.
US Trade Representative Robert Lighthizer tweeted about the agreement, saying, “They import about 14 billion dollars worth of US agricultural products and this will open up markets to over seven billion dollars of those products.”
However, the deal does not remove the 2.5 percent tariffs on Japanese vehicles and auto parts.
President Trump tweeted, “Big Trade Deal just agreed to with Prime Minister Abe of Japan. Will be great for our Farmers, Ranchers and more. Really big Corn purchase!”
‘We’ve agreed to every point and now we’re papering it and will be signing it at a formal ceremony. This is a tremendous deal for the United States. It’s a really tremendous deal for our farmers, agriculturers, ranchers and also involves other things including e-commerce. It’s very big and we look forward to it,” Trump said.
Leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States met in France for this year’s summit.
The forum plays an important role in the world’s most developed economies meeting annually and discussing global economic, political, social and security issues.
Trump expects the billion-dollar deal to be finalized by the time the UN General Assembly meets at the end of September.