The U.S. and Japan have reached a partial trade agreement for certain agricultural and industrial goods, including fasteners manufactured in Japan, according to the Office of the U.S. Trade Representative.
The U.S. will “reduce or eliminate” tariffs on fasteners and other industrial goods, including certain machine tools and steam turbines.
Further details on the amount and timetable of tariff reductions or eliminations were not provided.
In exchange, Japan will eliminate or reduce tariffs on an additional $7.2 billion of U.S. food and agricultural products.
The agreement, which must be ratified by Japan’s legislature, also addresses digital trade.
“The United States looks forward to further negotiations with Japan for a comprehensive agreement that addresses remaining tariff and non-tariff barriers and achieves fairer, more balanced trade,” the Office of the U.S. Trade Representative added.
Click here to read the U.S.-Japan Trade Agreement FACT SHEET.
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