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Trump Says US In Trade Agreement With Japan

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President Donald Trump said his Administration has reached an initial trade agreement on tariff barriers and digital trade with Japan. The agreement will be signed in the coming weeks.

The White House said in a statement that Trump notified the Congress about his plan to initiate trade negotiations on a United States-Japan Trade Agreement. The trade talks with Japan will be held in stages.

"My Administration looks forward to continued collaboration with the Congress on further negotiations with Japan to achieve a comprehensive trade agreement that results in more fair and reciprocal trade between the United States and Japan," Trump said.

In a letter sent to the Congress, Trump said he was notifying legislators that the tariff deal would be made under the Bipartisan Congressional Trade Priorities and Accountability Act of 2015, which allows him to make reciprocal tariff reductions without congressional approval.

Trump did not disclose the details of the deal, but Japan is expected to reduce or abolish tariffs on beef, pork and wheat imported from the United States, and cut tariffs on U.S. wine.

The Tokyo Shimbun had reported on Monday that the United States will make a commitment not to hike tariffs on Japanese cars or introduce quotas to the number of cars imported to the country in return for Tokyo allowing increased access for American agricultural products.

Japan and the U.S. are giving final touches to the new bilateral trade deal at cabinet level, according to the newspaper.

Japanese Prime Minister Shinzo Abe and President Trump had hinted at the possibility of signing a trade deal after the two sides reached an agreement on its core elements on the sidelines of the G7 Summit in Tokyo last month.

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