President Donald Trump announced on Sunday that the U.S. and Japan have agreed “in principle” to all parts of a commerce deal that he expects will be signed at the U.N. General Assembly in September.
“We have been working on a deal with Japan for a long time,” Trump said to reporters about the agreement. “It involves agriculture. It involves e-commerce. It involves many things. We’ve agreed in principle.”
U.S. Trade Representative Robert Lighthizer said the deal will lead to exports of an additional $7 billion in agricultural products to Japan. Japanese Prime Minister Shinzo Abe was at the announcement during the G7 meeting and said some language in the agreement still needs to be worked out.
Abe said that Japan needs corn from the U.S. because of pest problems with corn grown in Japan. The agreement has been negotiated for months, both sides said.
The deal would be a win for Trump, who has been promising to renegotiate trade deals for the U.S. but has run into some problems getting his renegotiated NAFTA agreement through Congress.
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