Baku, September 26, AZERTAC
The leaders of Japan and the US have shaken hands on a bilateral trade deal in New York, according to NHK WORLD-JAPAN. Japan's Prime Minister Shinzo Abe and US President Donald Trump have signed a joint statement after confirming the accord. The Japanese government plans to reveal details soon.
Abe said "When the deal takes effect, it will undoubtedly help boost Japan's investment in the US and develop bilateral economic ties. I'm confident that the deal will be a win-win for Japan and the US."
Trump said "Japanese tariffs now be significantly lower, or eliminated entirely, for US 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."
Under the terms of the agreement, Japan will open its market to US farm products to a degree that does not exceed the scope of the Trans-Pacific Partnership pact.
Japan will cut its tariff on American beef from the current 38.5 percent. The levy will eventually drop to 9 percent under the accord. Duties on US pork will also be cut.
Both sides will continue to negotiate tariffs on automobiles and auto parts. Japan wants the US to scrap them.
The joint statement signed by the 2 leaders likely will make clear that the US will refrain from slapping additional levies on imported Japanese automobiles.
© Content from this site must be hyperlinked when used.