Oct. 8 (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.
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.
Answering questions after the signing, Trump also said his inclination was to get a “big deal” rather than settle for a partial trade deal in negotiations with China.
“I think they’re coming to make a deal, it’s got to be a fair deal,” he said.