'Not the whole enchilada': USA inks limited trade deal with Japan

Japan, US ink trade pact

Japan, US ink trade pact

President Trump today signed the U.S. -Japan Trade Agreement, which is an important step forward with U.S. agriculture's fourth-largest export market.

US negotiators have been working to develop new trade agreements with Japan and other countries in the wake of USA withdrawal from the multinational Trans-Pacific Partnership process.

More than two years ago, President Donald Trump removed the US from the Trans-Pacific Partnership, or TPP.

The varied 11 Pacific Rim countries, along with expansive farm producers much like Contemporary Zealand and Canada, went forward without the United States and maintain been getting preferential treatment in Japan.

While the deal promises success for American farmers, the deal doesn't resolve auto trade issues with Japan. Trump has said the two countries will continue to work on a more comprehensive agreement on that front.

Watch above, via the White House.

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The country will keep a 2.5% existing tariff on Japanese vehicles. According to Trump, whose government had previously considered imposing new tariffs on Japanese imports, the agreement will open markets for about $7 billion of USA products.

"It sets standards on the $40 billion in digital trade between the United States and Japan, and speaking of the internet, that was a big case we just won on net neutrality".

This agreement will benefit trade in innovative products and services where the United States is a worldwide leader, and will ensure that American businesses have a level playing field in areas like video, music, e-books, and software.

Among other things, the deal calls for reducing tariffs on pork - a key North Carolina product.

Daines said the deal reduces tariffs on fresh and frozen pork from 38.5% to 27.6% on January 1. Japan traditionally has been among the biggest importers of the region's wheat.

And last week, the United States levied new tariffs on billions of European Union imports, such as Scotch whisky. Japan will eliminate its 10 percent duty on imports of certain U.S. ethanol in 10 years, affecting about US$11 million worth of imports, according to a USTR fact sheet. They described it as "TPP-Plus" and in line with USTR goals on setting global rules for digital commerce and cross-border data flows. In Tokyo, Finance Minister Taro Aso said Tuesday that the deal was a "win-win" for both countries and that he expected quick ratification.

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