Though U.S. President Donald Trump has finally signed a long-waited bilateral trade deal with Japan, some things were left out, according to Japanese media.
Trump and Japanese Prime Minister Shinzo Abe signed the deal in New York late Wednesday opening new markets for $7.2 billion in American agricultural products, reported Kyodo news.
Hailing it as “mutually beneficial,” the two sides said that the deal cut tariffs on farm and industrial products.
The new business pact comes after Trump abruptly pulled out of the Trans-Pacific Partnership (TPP) free trade pact in 2017.
However, the new deal left out any deal on tariffs on Japan’s auto machinery.
“Tokyo failed to secure the scrapping of existing U.S. levies on Japanese vehicles and auto parts — an agreement it had reached under the TPP,” said Kyodo.
“Japanese tariffs will now be significantly lower or eliminated entirely for U.S. beef, pork, wheat, cheese, corn, wine, and so much more,” Kyodo quoted Trump saying alongside Abe.
A joint statement said that the new deal is set to “enhance bilateral trade in a robust, stable, and mutually beneficial manner between our nations.”
“When the pact enters into force, there is no doubt that Japanese investments will increase and both of our economies will grow,” Abe said. “I’m confident that it will be something of a win-win for both countries.”
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