President Donald J. Trump Has Secured a Tremendous Victory For American Farmers and Businesses With New Japan Trade Agreements
Issued on: October 7, 2019
This is a huge victory for America’s farmers, ranchers, and growers. And that’s very important to me.
President Donald J. Trump
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.