Published: Tue, September 17, 2019
Global News | By Blake Casey

US Reaches Trade Deals With Japan, Says Donald Trump

US Reaches Trade Deals With Japan, Says Donald Trump

President Trump says in a message to Congress that the USA has reached an initial trade agreement with Japan.

In a letter to Congress released by the White House, Trump said he intends to enter into the deal on tariff barriers in the coming weeks.

The statement said an agreement had also been reached on digital trade, but it gave no details about USA tariffs on Japanese cars.

"What this notice means is they have actually completed the details of what tariffs both countries will cut", she said.

With the US struggling with a major trade deficit in automobiles and components, it has been threatening to impose 25-percent tariffs on those goods imported from the European Union and Japan. The president told reporters it was "a very big transaction" that would be "tremendous for the farmers".

"At the finishing stage, we notion to reconfirm that 232 would possibly possibly no longer be imposed", Foreign Minister Toshimitsu Motegi, Japan's lead negotiator, instructed an extended-established news conference in Tokyo on Tuesday.

But leaving the TPP meant that American farmers in particular faced higher tariffs for their sales to Japan than US trading partners.

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Trump earlier this year delayed a decision until November over whether to impose new levies of as high as 25% on imported vehicles over national security grounds to allow more time for talks with Japan and the European Union.

Finance Minister Taro Aso said the deal won't contain any provision on currencies - another worry for Tokyo.

To reach a compromise, Japan made concessions in August like agreeing to buy excess USA corn.

That demand by U.S. lawmakers would tie Japan's ability to intervene in currency markets should the yen spike and threaten the country's export-reliant economy.

Trump also repeated his intention to move on eventually to a second step in the negotiations with Japan, which he called "a comprehensive trade agreement that results in more fair and reciprocal trade between the United States and Japan".

The USMCA provisions aim to ensure the free flow of data across borders without taxation, prohibit data server localization requirements and limit governments' ability to require the disclosure of source code by the companies they regulate.

A long-sought trade agreement with Japan was scrapped when Trump withdrew the USA from a pan-Pacific trade agreement shortly after taking office in 2017.

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