Trump, Abe sign trade deal under which Tokyo will open market to $7 bil. of U.S. agricultural goods
- 5 years ago
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe have signed what Trump calls the "first stage of a phenomenal new trade agreement" between the two countries.
Under the deal, Japan is set to open up its market to American agricultural goods worth billions of dollars.
Kim Hyo-sun reports.
Japan has agreed to open up its market to seven billion U.S. dollars worth of American agricultural products.
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe announced the initial details of an emerging trade deal between the two countries on Wednesday in New York, on the sidelines of the UN General Assembly.
Explaining that Japanese tariffs will now be significantly lower or eliminated for U.S. products,... President Trump stressed the deal will greatly help American farmers.
"Under the market access agreement that we're announcing today, Japan will open new markets to approximately $7 billion in American agricultural products. Japanese tariffs will now be significantly lower or eliminated entirely for U.S. beef, pork, wheat, cheese, corn, wine and so much more. This is a huge victory for America's farmers, ranchers and growers and that's very important to me."
Nearly 90 percent of U.S. food and agricultural products will receive duty-free or reduced-tariff access to Japan,... while many products that are gaining new access, including wine and cheese, will face tariffs that phase out over several years.
Abe described the deal a "win-win" for both sides.
"One of the highlights of this new agreement is that under this agreement, we together will be able to bring benefits to everyone in Japan as well as in the United States, namely consumers, producers and workers."
Following the signing ceremony between the two leaders,... the U.S. Trade Representative's office explained that automobiles were not included in the agreement,... as Tokyo wanted further discussion on the matter.
It also said a wide range of Japanese industrial goods - from machine tools to musical instruments - will see reduced or eliminated tariffs in the U.S. market.
Kim Hyo-sun, Arirang News.
Under the deal, Japan is set to open up its market to American agricultural goods worth billions of dollars.
Kim Hyo-sun reports.
Japan has agreed to open up its market to seven billion U.S. dollars worth of American agricultural products.
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe announced the initial details of an emerging trade deal between the two countries on Wednesday in New York, on the sidelines of the UN General Assembly.
Explaining that Japanese tariffs will now be significantly lower or eliminated for U.S. products,... President Trump stressed the deal will greatly help American farmers.
"Under the market access agreement that we're announcing today, Japan will open new markets to approximately $7 billion in American agricultural products. Japanese tariffs will now be significantly lower or eliminated entirely for U.S. beef, pork, wheat, cheese, corn, wine and so much more. This is a huge victory for America's farmers, ranchers and growers and that's very important to me."
Nearly 90 percent of U.S. food and agricultural products will receive duty-free or reduced-tariff access to Japan,... while many products that are gaining new access, including wine and cheese, will face tariffs that phase out over several years.
Abe described the deal a "win-win" for both sides.
"One of the highlights of this new agreement is that under this agreement, we together will be able to bring benefits to everyone in Japan as well as in the United States, namely consumers, producers and workers."
Following the signing ceremony between the two leaders,... the U.S. Trade Representative's office explained that automobiles were not included in the agreement,... as Tokyo wanted further discussion on the matter.
It also said a wide range of Japanese industrial goods - from machine tools to musical instruments - will see reduced or eliminated tariffs in the U.S. market.
Kim Hyo-sun, Arirang News.