President Trump Makes Billion-Dollar Trade Deal With Japan at G-7 Summit
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President Trump agreed on a billion-dollar trade deal with Japan's Prime Minister Shinzo Abe on August 25 at the G-7 Summit.
The preliminary agreement has three parts which address industrial tariffs, agriculture, and digital trade.
US Trade Representative Robert Lighthizer tweeted about the agreement, saying, "They import about 14 billion dollars worth of US agricultural products and this will open up markets to over seven billion dollars of those products."
.@USTradeRep Lighthizer on today's trade announcement: "It has 3 parts—agriculture, industrial tariffs, and digital trade . . . This will open up markets to over 7 BILLION dollars of those products." pic.twitter.com/c0mYKjNViL
— The White House (@WhiteHouse) August 25, 2019
However, the deal does not remove the 2.5 percent tariffs on Japanese vehicles and auto parts.
President Trump tweeted, "Big Trade Deal just agreed to with Prime Minister Abe of Japan. Will be great for our Farmers, Ranchers and more. Really big Corn purchase!"
Big Trade Deal just agreed to with Prime Minister Abe of Japan. Will be great for our Farmers, Ranchers and more. Really big Corn purchase!
— Donald J. Trump (@realDonaldTrump) August 25, 2019
'We've agreed to every point and now we're papering it and will be signing it at a formal ceremony. This is a tremendous deal for the United States. It's a really tremendous deal for our farmers, agriculturers, ranchers and also involves other things including e-commerce. It's very big and we look forward to it," Trump said.
JUST NOW: President @realDonaldTrump and Prime Minister @AbeShinzo announced a trade deal.
— The White House (@WhiteHouse) August 25, 2019
"This is a tremendous deal for the United States. It's a really tremendous deal for our farmers." pic.twitter.com/1y42L8x0p4
Leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States met in France for this year's summit.
The forum plays an important role in the world's most developed economies meeting annually and discussing global economic, political, social and security issues.
Trump expects the billion-dollar deal to be finalized by the time the UN General Assembly meets at the end of September.
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