Trump's week in review: Defense Dept. rebranded; TPS revoking draws ire of Evangelical group
4. Economic agreement between the US and Japan
On Thursday, Trump signed an executive order implementing an agreement between the US and Japan that he described as "the foundation for a new era of United States-Japan trade relations grounded in principles of reciprocity and our shared national interests."
The White House elaborated on the implications of the deal, which was first unveiled in a framework released on July 22, in a fact sheet published Friday.
Under the terms of the agreement, Japan will purchase $8 billion worth of US agricultural goods, including corn, soybeans, fertilizers, bioethanol and aviation fuel. Japan also agreed to "make stable and long-term incremental purchases of U.S. energy, including liquified natural gas, totaling $7 billion per year."
Additional terms of the deal include Japan increasing its purchase of American rice by 75%, removing "longstanding restrictions on U.S. car and truck imports" and investing $550 billion in the U.S. to "fund projects in sectors across the United States to advance U.S. national and economic security, including semiconductors, pharmaceuticals, metals, critical minerals, shipbuilding, energy (including pipelines) and artificial intelligence/quantum computing."
In addition to securing billions of dollars in investment in the U.S., the agreement involves the implementation of 15% tariffs on nearly all Japanese imports, "including automobiles and auto parts, with separate sector-specific tariff treatment for steel and aluminum, copper, certain aerospace products, generic pharmaceuticals, generic pharmaceutical ingredients, and unavailable natural resources."
Ryan Foley is a reporter for The Christian Post. He can be reached at: ryan.foley@christianpost.com
