U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe signed a limi...
NEW YORK - U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe signed a limited trade deal on Wednesday that cuts tariffs on U.S. farm goods, Japanese machine tools and other products while further staving off the threat of higher U.S. car duties.
A Japanese government statement also said further talks would seek to eliminate the existing 2.5% U.S. tariff on Japanese cars and would not result in the imposition of U.S. import quotas on Japanese autos. The U.S.-Japan talks, launched a year ago, hit a snag earlier this week as Japan had sought last-minute assurances that Trump would not impose the Section 232 tariffs.
Under the agreement, Japan would open new markets to about $7 billion in American agricultural products, Trump said. “Japanese tariffs will now be significantly lower or eliminated entirely for U.S. beef, pork, wheat, cheese, corn, wine and so much more.”
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