Well Begun is Half Done: On the U.S.-Japan Trade Deal

There have been multiple speculations revolving around the Japan-US trade agreement. The U.S. President Donald Trump has stalled imposing 25% tariff on Japanese automobile parts. On 25th September, Mr. Trump and Japanese Prime Minster Shinzo Abe signed a trade deal.

Here are are some of the highlights of the trade agreement -

Gateway for Japanese market: This deal will help Japan expand its market to $7 billion worth of American agricultural goods.

No burden of extra tariff: Abe assured that the US will not impose previously threatened “section 232" national security tariff on Japanese automobile parts. It is a success for Japan. Further talks between the two nations also seeks to eradicate prevailing 2.5% U.S. tariff on Japanese cars.

Triumph for the US farmers: Under the new deal 90 % of the US food items will either duty free or completely exempted from tariff. Trump was complaisant with this move, labelling it as “victory” for farmers and growers who were disadvantaged earlier. Now Japanese tariff for US agricultural goods would be lower on American beef, pork, wheat, cheese, corn, wine and more. The tariff percentage is reduced from 38.5% to 26.6%.

High standard of Digital trade: This deal would catalyze the US in modernization of digital trade rules. Japan is expected to reinforce the U.S. model of internet development. The agreement is monumental for both the nations in terms of their impeccable position the the world as they facilitate rules for digital commerce.

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