An international business expert has said that the trade deal Donald Trump struck with Japan that has been welcomed by the U.S. rural sector key to his re-election chances, is not enough to make up for the downturn farmers have endured under the president’s trade wars. Japanese foreign minister Toshimitsu Motegi said Thursday that the limited trade deal will be approved by Tokyo’s parliament and should come into effect from January 1, describing it as a “win-win” for both countries, the Nikkei Asian Review reported. It will cut tariffs on some U.S. farm goods like beef and pork and Japanese machine tools, as well as guaranteeing tariff-free digital commerce between the countries. However in what is seen as a compromise, Trump did not come through on his threat to level tariffs on imported Japanese cars. The U.S. annually exports around $13 billion worth of agricultural products to Japan and farmers groups have welcomed the deal, which has been seen as a way to shore up rural support in Trump’s electoral heartland, left reeling from a trade spat with China. Beef and pork farmers have been hurt after Trump withdrew the U.S. from the Trans-Pacific Partnership (TPP). After the Japanese deal,… Read full this story
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