US President Donald Trump Sunday announced trade deal with Japan on the sidelines of the G7 Summit that is taking place in France’s Biarritz. Trump’s Trade Representative Robert Lighthizer said the deal would open up markets to over $7 billion worth of goods and covered agriculture, industrial tariffs and digital trade.
“This is a tremendous deal for the United States. It’s a really tremendous deal for our farmers,” Trump told reporters after a meeting with Japanese Prime Minister Shizo Abe.
The White House put out a video on their Twitter handle to announce the deal. “JUST NOW: President @realDonaldTrump and Prime Minister @AbeShinzo announced a trade deal. “This is a tremendous deal for the United States. It’s a really tremendous deal for our farmers,” it tweeted.
“This is a tremendous deal for the United States. It’s a really tremendous deal for our farmers.” pic.twitter.com/1y42L8x0p4
— The White House (@WhiteHouse) August 25, 2019
Earlier this month, both the countries had agreed to accelerate trade talks. “We agreed to speed up talks,” Japan’s Economy Minister Toshimitsu Motegi had said after meeting his US counterpart. “There is no doubt that talks are moving along. We have not completely agreed at the moment, so we will deepen our talks,” he added.
President Trump has on various occasions said that he was unhappy with Japan’s trade surplus with the US and wants a bilateral deal to fix it.
Trump had earlier pressured Tokyo to accelerate talks for a bilateral trade deal that would open up Japan’s protected agriculture markets, such as beef and rice.