UNITED STATES, WASHINGTON (OBSERVATORY) — US President Donald Trump on Wednesday announced a limited trade deal between his country and Japan as they seek a broader deal, according to US media.
Trump said at the signing ceremony with Japanese Prime Minister Shinzo Abe at the UN General Assembly that the first phase of the deal will open markets by about $ 7 billion of US agricultural products.
Trump said Japan would also reduce or eliminate tariffs on products such as beef, pork and corn.
In 2018, Tokyo’s imports from Washington were $ 1.6 billion for pork, more than $ 2 billion for beef and $ 2.8 billion for corn, according to official figures.
Trump said the document he signed with Abe outlined “the important steps we are taking towards a fair and reciprocal trade agreement.”
The signing comes as Trump tries to mitigate the damage caused by his efforts to eliminate what he calls “unfair global business practices.”
In particular, the US president is seeking to strengthen his country’s farmers, as a trade war with China hits Washington’s agricultural industry.
Trump has worked hard to reach an agreement that would reduce the US trade deficit with Japan and benefit US farmers, which is important to expand his electoral base.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.
Contact us: [email protected]
Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.
We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.