Washington: U.S. President Donald Trump signed an executive order on Thursday implementing the U.S.-Japan trade agreement, the White House said.
“Under the Agreement, the United States will apply a baseline 15 percent tariff on nearly all Japanese imports entering the United States, alongside separate sector-specific treatment for automobiles and automobile parts; aerospace products; generic pharmaceuticals; and natural resources that are not naturally available or produced in the United States,” said the executive order.
“Japan, meanwhile, will provide American manufacturing, aerospace, agriculture, food, energy, automobile, and industrial goods producers with breakthrough openings in market access across key sectors,” it added.
Japan is working toward an expedited implementation of a 75 percent increase of U.S. rice procurements and purchases of U.S. agricultural goods in amounts totaling 8 billion U.S. dollars per year, according to the executive order.
Japan is also working to accept for sale in Japan U.S.-manufactured and U.S.-safety-certified passenger vehicles without additional testing.
Critically, Japan has agreed to invest 550 billion dollars in the United States, the executive order claimed.
Trump announced a framework agreement between the United States and Japan on July 22, saying it lays the foundation for a new era of U.S.-Japan trade relations grounded in principles of reciprocity and shared national interests.
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