President Donald Trump says the USA and Japan have reached agreement on a trade deal "in principle" that will be signed in September during the U.N. General Assembly. "We've agreed in principle".
The agreement would tackle USA access to the beef and pork production markets, with a deal that would reduce tariffs on Japanese auto parts shipped to America.
Trump's threat of new auto tariffs.
Trump highlighted Japan's purchase of "excess corn" that American farmers are piling as a result of the trade war with China.
Abe responded by saying that Japan has a pest problem on "some of the agricultural products, and there is a need for us to buy certain amount", underscoring that the purchase will be done by the Japanese private sector.
The countries have reached consensus on "core elements" and are setting a goal to sign a deal at the end of September during United Nations meetings, Abe said via a translator.
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Both leaders said they hoped for a formal signing during the UN General Assembly in NY next month.
"We still have some remaining work that has to be done at the working level, namely finalizing the wording of the trade agreement and also finalizing the content of the agreement itself", he said, through an interpreter. Japanese trade agreements generally have to be approved by parliament before going into effect.
Motegi, speaking to reporters following the conclusion of a third day of meetings with his counterpart, U.S. Trade Representative Robert Lighthizer, said details on the method and timeline of those negotiations would be discussed over the weekend at a Group of Seven leaders summit in Biarritz, France.
The Nikkei did not cite any sources for its information. Japan and the US agreed previous year this would be the maximum possible level. The deal will benefit American producers of beef, pork, wheat, dairy, wine, and ethanol, Lighthizer said.
The president claimed the deal was favorable to the US and would be beneficial for farmers. Trump said the two nations agreed to "every point" of the deal.
When Trump offered Abe to give his thoughts, the Japanese leader repeated his stance that the tests were a clear violation of U.N. Security Council resolutions.
"This progress will be confirmed at the Japan-US summit" on the sidelines of the Group of Seven (G7) summit now being held in France, where how to proceed further will be also discussed, Motegi said.