UNITED NATIONS (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.
CNBC reports the first stage of the deal will open markets up to about $7 billion in U.S. Agricultural products Japan will also reduce or end tariffs on products such as beef, pork, corn, and wine, according to Trump. He added that the two nations made commitments for $40 billion worth of digital trade.
National Pork Producers President David Herring says,
“I am honored to represent U.S. pork producers today at a signing ceremony so important to my fellow hog farmers around the country. Once implemented, the agreement signed today puts U.S. pork back on a level playing field with our competitors in Japan.”
