In this video, Donald Trump begins by disclosing that he has been working on a deal with Japan for a long time. This deal was on agriculture, e-commerce, and many other things.Trump talks about excess corn in various parts of the US. He announces that Prime Minister Abe, on behalf of Japan, is going to buy all of that corn. This will have a tremendous impact on the farmers and agricultural ranchers of the United States.
Prime Minister Abe of Japan then says, as per the interpretation, that now both the countries, that is the US and Japan, have reached a consensus about the core elements of both the agricultural and industrial products on 23rd August. And, by next month, at the end of September, both the nations will attend the U.N. General Assembly. They will sign this Japan-U.S. trade agreement there.
Prime Minister Abe further explains the immense positive impact that this trade agreement will have on both the Japanese as well as American economies. He says that there is a need for Japan to buy a certain amount of agricultural products. And, this will be done by the Japanese private sector. Japanese corporations will buy additional agricultural products.
After this, Ambassador Lighthizer speaks about the trade agreement that is based on core principals. It has three parts, namely agriculture, industrial tariffs, and digital trade. He says that Japan is the third-largest agricultural market of the US. It imports about $14 billion worth of U.S. agricultural products. These include beef, pork, wheat, dairy products, wine, ethanol, and a variety of other products. This will lead to substantial reductions in tariffs and non-tariff barriers across the board.
Minister Motegi says, as interpreted, that based on the Japan-U.S. joint statement released by the two leaders on 26th September 2018, he and Ambassador Lighthizer had a series of ministerial negotiations on the Japan-U.S. trade agreement.Reporters ask their questions after this. One question is if the US auto tariffs will remain in place for both China and Japan. To this, President Donald Trump says that they will remain the same for both the nations.
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