World #2 – U.S. trade deal with Japan to benefit American farmers

Tuesday's World Events   —   Posted on October 8, 2019

(by Daniel Uria, UPI) — U.S. President Donald Trump on Monday announced the signing of a pair of trade deals with Japan regarding agricultural exports and digital trade.

Trump announced the deals in the Roosevelt Room of the White House describing them as a “very strong and groundbreaking achievement” for the United States and Japan.

“These two deals represent a tremendous victory for both of our nations,” Trump said. “They will create countless jobs, expand investment in commerce, reduce our trade deficit very substantially, promote fairness and reciprocity and unlock the vast opportunities for growth.”

The United States-Japan Trade Agreement will eliminate or reduce tariffs on about $7.2 billion in United States agricultural exports including beef, pork, poultry, wheat, cheese, wine ethanol and more.

Upon implementation, more than 90 percent of U.S. agricultural imports into Japan will be duty-free or receive preferential tariff access.

“This is a huge victory for America’s farmers, ranchers and growers. And that’s very important to me,” Trump said in a signing ceremony at the White House.

Under the United States-Japan Digital Trade Agreement, the two countries will prohibit imposing customs duties on digital products such as videos, music, games and other products transported electronically.

The agreement will also prohibit arbitrary access to computer source code and algorithms and ensure firms’ flexibility to use innovative encryption technology in their products.

The president has noted America’s large trade deficit with Japan, which came to $58 billion last year. Japan is the world’s third-biggest economy behind the United States and China.

Published by UPI .com on October 7, 2019. Reprinted here for educational purposes only. May not be reproduced on other websites without permission from United Press International.