President Donald Trump announced to reporters on Sunday that the United States and Japan have agreed “in principle” to a new bilateral trade deal. He said he expects official progress on the deal as soon as next month.
Trump made the announcement during a meeting with Japanese Prime Minister Shinzo Abe at the G7 summit. He said he expects both countries to officially sign the trade deal at the United Nations General Assembly meeting in September.
The president added that the trade deal includes everything from “agriculture” to “e-commerce.” One specific part of the deal, according to Trump, is that Japan will be purchasing significant amounts of corn grown in the United States.
“We have been working on a deal with Japan for a long time,” Trump said. “It involves agriculture. It involves e-commerce. It involves many things. We’ve agreed in principle.”
He said the deal is currently being prepared before both countries look it over next month.
“We’ve agreed to every point, and now we’re papering it and we’ll be signing it at a formal ceremony,” Trump said.
U.S. Trade Representative Robert Lighthizer has called the deal “very good news” for ranchers and farmers within the United States as it will potentially provide an additional seven billion dollars to the market.
“We still have some work that needs to be done … but we would like to make sure that our teams would accelerate the remaining work so as to achieve the goal of signing this agreement on the margins of the UN General Assembly in September,” Abe told reporters.
The Japan leader said the need for corn in the country is because of pest-infestations in some Japan grown agriculture.
The agreement is a huge win for the United States and a testament to Trump’s trade tactics. The deal has been worked on for months with the two world leaders meeting multiple times. The president even at one point threatened tariffs on Japanese automobiles if no new trade deal could be reached.
While many insiders argue that tariffs is a dangerous negotiating tactic that can hurt working Americans, this trade deal with Japan works in Trump’s favor and shows that the negotiating tactic holds some real weight and can lead to practical benefits for the United States.
As some have also pointed out already on social media, a new trade agreement with Japan works in the favor of the United States when it comes to the escalating trade war with China.
“President Trump just signed a new trade deal with Japan. China said, WHAT? Trump collecting new allies in the trade war with China. Asia is a bigger part of the world than China and they don’t like being bullied by China,” conservative commentator Chuck Woolery tweeted in response to the news.
President Trump just signed a new trade deal with Japan. China said, WHAT? Trump collecting new allies in the trade war with China. Asia is a bigger part of the world than China and they don't like being bullied by China.
— Chuck Woolery (@chuckwoolery) August 25, 2019
Justin Chaffetz also praised Trump’s new trade deal with Japan during an appearance on Fox News’ “Sunday Morning Futures.”
Check that appearance out below:
Source: Fox News
“It’s a huge breakthrough,” Chaffetz said about the Japan trade deal, praising Trump’s negotiating style.
He added that the new deal will greatly benefit the agriculture and technology economies in the United States.
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