Together, these rules will put in place predictable rules and foster a strong digital trade market between the two countries – developments that should support more prosperity and well-paying jobs in the United States and Japan. A Japan-U.S. trade agreement came into effect Wednesday, immediately lowering tariffs on U.S. land products and a variety of Japanese industrial products without private cars and spare parts. Both agreements aim to promote freer trade between the two economies, which together account for about 30% of the world`s gross domestic product. On October 7, 2019, USTR Robert Lighthizer and Japan`s Ambassador to the United States Shinsuke J. Sugiyama signed the U.S.-Japan trade agreement and the U.S.-Japan Digital Trade Agreement. Following national procedures, both agreements came into force on 1 January 2020. As announced in the joint statement of the United States and Japan of September 25, 2019, the United States and Japan intend to conclude consultations within four months of the entry into force of the U.S.-Japan trade agreement and then begin negotiations on tariffs and other trade restrictions. , trade barriers and barriers to investment. and other issues aimed at promoting mutually beneficial, equitable and reciprocal trade.
After its implementation, the agreement signed today puts American pork back on an equal footing with our competitors in Japan. President Trump, as part of the government`s broader trade agenda, has long criticized the trade imbalance between the United States and Japan, the world`s largest and third-largest economies, respectively. To reduce the U.S. trade deficit by $56.7 billion, President Trump and Japanese Prime Minister Shinzo Abe have jointly announced their intention to open negotiations for a U.S.-Japan trade deal in 2018. The United States and Japan agreed on merchandise trade and digital trade, with President Trump and Prime Minister Abe announcing the trade agreement on September 25, 2019 at the United Nations General Assembly in New York.6 A separate bilateral pact establishing digital trade rules also came into force on the same day. We are pleased that President Trump continues to stand up and fight for better and fairer trade agreements for our farmers. As two of the world`s most digitally advanced countries, the United States and Japan have a deep common interest in creating enforceable rules that help digital providers in all sectors of their economies innovate and create wealth and set standards for other economies that can emulate it. With this agreement, the United States and Japan have set a new global standard for digital commerce. The Digital Trade Agreement is a separate agreement that sets rules in the digital space.15 The content of the Digital Trade Agreement is virtually the same as the provisions of the U.S.-Mexico-Canada agreement (USMCA).