Home Indiana Agriculture News U.S., Japan Agree on Trade Deal “In Principle”

U.S., Japan Agree on Trade Deal “In Principle”

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President Donald J. Trump and Japanese Prime Minister Abe Shinzo Sunday, September 23, 2018, meet in President Trump's residence at Trump Tower in New York, NY. (Official White House Photo by Shealah Craighead)

At the G7 summit in France, President Trump and Japan’s Prime Minister Shinzo Abe have agreed on a trade deal.

According to Trump, the U.S. and Japan have agreed “in principle” on the deal that Japan will cut tariffs on U.S. beef, pork, and other agricultural products.

“We’ve been working on a deal with Japan for a long time,” said President Trump. “We probably will be signing it around UNGA [United Nations General Assembly]. We’ve agreed to every point.”

David Herring, president of the National Pork Producers Council, is thankful for the Trump administration negotiating the agreement. The Japanese market represented 25 percent of total U.S. pork exports in 2018.

“We look forward to rapid implementation of the agreement as international competitors are currently taking U.S. pork market share through more favorable access,” he said.

The trade agreement with Japan comes as President Trump complained earlier this month that the Japanese only purchase U.S. wheat “because they want us to at least feel that we’re OK. They do it to make us feel good.”

Secretary of Agriculture Sonny Perdue said removing the trade barriers with Japan will allow greater sales of U.S. farm products in the country.