UNITED NATIONS (KSNW/AP) – President Donald Trump has announced the “first stage of a phenomenal new trade agreement” with Japan.
It’s not immediately clear from Trump’s comments on the sidelines of the U.N. General Assembly what that “first stage” includes.
But Washington and Japan – which is the world’s third largest economy – have been in long, sometimes contentious negotiations on a trade deal.
There’s reportedly been considerable behind-the-scenes wrangling because of Japan’s concern about the possibility of future U.S. tariffs on Japanese auto exports.
Trump says Japan will open new markets to approximately $7 billion in U.S. agriculture products, including beef, pork, wheat, cheese, corn, wine and more.
“The trade agreement outlined today with Japan is great news for Kansas farmers and ranchers. With this deal, Japan has agreed to eliminate or reduce tariffs on an additional $7 billion worth of U.S. food and agriculture imports including beef, grain sorghum and wheat. In addition, the deal will eliminate or reduce tariffs on industrial imports and set new standards on digital trade,” said Rep. Ron Estes. “While I look forward to further negotiations and a comprehensive agreement with Japan, President Trump has once again followed through on his promise to improve America’s trade deals and support our farmers, ranchers and workers.”
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