Amid ongoing trade war between the United States (US) and China, the US President Donald Trump on Monday (7 October) signed a trade deal with Japan, reports Asian News International (ANI).
The biggest beneficiary of the newly signed trade pact between Japan and the US would be the America farmers who would gain access to the affluent Japanese markets for their wide gamut of offerings.
Meanwhile, in a major relief for Japan, as a part of the trade agreement, the US will not be imposing tariffs on the auto imports from Japan. US President Donald Trump had earlier asserted that he would impose tariffs on foreign-made autos, claiming that they pose a threat to the US national security.
The much-awaited trade pact between the two nations also includes the opening of bilateral markets to facilitate an estimated $40 billion worth of digital trade.
Hailing the development, President Trump said, "The new deal is a tremendous victory for both of our nations. It will create countless jobs, expand investment and commerce, reduce our trade deficit substantially, promote fairness and reciprocity, and unlock vast opportunities for growth."
The US-Japan trade deal comes at a time when both America and China are engaged in trade war amid negotiations for a trade deal going on between the two largest economies of the world.