The United States and Japan have agreed on a trade agreement, writes Japanese business newspaper Nikkei Asian Review on Saturday. The trade deal will probably be signed in September and will take effect within a year.
Certain import duties are reduced with the trade agreement. For example, the Japanese will lower trade rates on American agricultural products. Currently there is an import tax of 38.5 percent on American beef in Japan, which will be reduced to 9 percent.
The US import duties of 2.5 percent on Japanese cars will be maintained. The American president Donald Trump wanted a tax on the vehicles, because the US buys more Japanese cars than the Japanese buy American cars. Import duties on around four hundred car parts are being scrapped, reports Nikkei Asian Review .
The Japanese Minister of Economic Revitalization Toshimitsu Motegi said he was satisfied with the result. "We have been able to maintain the Japanese position and protect our agriculture," quotes Motegi, a business newspaper.