Trump signs executive order to formally implement U.S.-Japan trade agreement

On September 4 local time, the White House issued a statement saying that US President Trump signed an executive order to officially implement the US-Japan trade agreement.

The statement said that under the agreement, the United States will impose a benchmark tariff of 15% on almost all Japanese imported products entering the United States. Japanese imported products that have previously imposed higher tariffs will not be double taxed, while goods with previous tax rates below 15% will be adjusted to the new tax rate. At the same time, separate industry-specific treatment is implemented for automobiles and automotive parts, aerospace products, generic drugs, and natural resources that cannot be naturally obtained or produced in the United States.

The statement also stated that Japan will provide breakthrough openings in market access in key areas for U.S. manufacturing, aerospace, agriculture, food, energy, automobile and industrial products manufacturers. The Japanese government is committed to accelerating the implementation of the "minimum access" rice plan, increasing the purchase of US rice by 75%, and purchasing US agricultural products including corn, soybeans, fertilizers, bioethanol and other US products, with a total amount of US$8 billion per year.

The Japanese government is also committed to allowing passenger cars made in the United States and certified for US safety in Japan without additional testing, the statement said. In addition, Japan will purchase commercial aircraft made in the United States and US defense equipment. The Japanese government agreed to invest $550 billion in the United States.

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