Source: The White House
President Donald J. Trump Has Secured a Tremendous Victory For American Farmers and Businesses With New Japan Trade Agreements
IMPROVING TRADE WITH JAPAN: The United States and Japan are signing two new agreements to improve our strong trade relationship.
- Today, the United States and Japan are signing two new agreements on trade: one on agricultural exports and another on digital trade.
- President Donald J. Trump is continuing to deepen and modernize our trade relationship with Japan – the world’s third largest economy.
- The two agreements being signed will help create jobs, expand investment, reduce our trade deficit, and promote fairness.
- These agreements will provide a tremendous boost to American farmers, workers, and businesses.
- President Trump will continue to work towards achieving a final comprehensive trade agreement with Japan.
EXPANDING MARKETS FOR AMERICAN FARMERS: President Trump continues to secure fairer markets for American farmers.
- This is a tremendous victory for American farmers, as they will have expanded access to a fairer market to export their products.
- Japan is our third largest agricultural export market and accounted for $14.1 billion in food and agricultural exports in 2018.
- Japan will eliminate or reduce tariffs on approximately $7.2 billion in United States agricultural exports.
- Japan will eliminate or significantly lower tariffs on American beef, pork, poultry, wheat, cheese, wine, ethanol, and more.
- Once this agreement is implemented, over 90 percent of United States agricultural imports into Japan will be duty free or receive preferential tariff access.
PROMOTING DIGITAL TRADE: President Trump is working to expand the vital digital trade between the United States and Japan.
- The United States-Japan Digital Trade Agreement includes high-standard provisions that address key digital trade issues.
- The agreement meets the same gold standard on digital trade rules that was set by the President’s landmark United States-Mexico-Canada Agreement (USMCA).
- This agreement will boost the already approximately $40 billion worth of digital trade between the United States and Japan.
- This agreement will benefit trade in innovative products and services where the United States is a worldwide leader, and will ensure that American businesses have a level playing field in areas like video, music, e-books, and software.