Trump, Japan strike deal to slash tariffs on US farm goods, boost digital tradeThe Hill, Sep 25, 2019
President Trump and Japanese Prime Minister Shinzo Abe announced Wednesday that the nations had reached agreements on agricultural and digital trade provisions of a broader deal between the U.S. and Japan.
The agreement, finalized and touted by Trump and Abe at the United Nations summit, would eliminate or reduce tariffs on $7.2 billion in U.S. agricultural goods imported by Japan.
The deal would also reduce import taxes and other trade barriers for digital products — such as software, digital media, computer source code and data — exchanged between the U.S. and Japan.
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Trump called the measure a “huge victory for America’s farmers, ranchers and growers, and that’s very important to me.â€
Abe, speaking Japanese, said through an interpreter that the deal was a “win-win†for both nations that will “further galvanize the investment between the two sides†and “deepen our economic relations.â€
A major component of Wednesday’s agreement is a significant expansion of access to the Japanese market for U.S. farmers and ranchers. Under the deal, Japan agreed to lift or reduce tariffs on $7.2 billion of the $8.9 billion in U.S. agricultural exports subject to Japanese tariffs.
Japan is set to reduce tariffs on $2.9 billion in U.S. beef and pork, and eliminate tariffs on more than $4.3 billion in U.S. nuts, berries, grains, wine, cheese and other animal products. Japan will also agree to import annual quotas of wheat and wheat products, malt, glucose, fructose, corn starch and potato starch.
https://thehill.com/policy/finance/463049-trump-japan-strike-deal-to-slash-tariffs-on-us-farm-goods-boost-digital-trade