Victory At The G-7 Summit: Japan Backs USA in China Trade War And Will Buy All Of America’s Surplus Corn. Soybeans are next as China ended all purchases in an effort to hurt Trump in the Midwest.
New York Post: President Trump and Japanese Prime Minister Shinzo Abe announced Sunday that the two countries had agreed to the framework of a trade deal.
“We’ve been working on a deal with Japan for a long time. And we’ve agreed in principle,” Trump said, adding that the deal would amount to “billions and billions of dollars.”
Japan, Trump said, agreed to buy excess corn from American farmers. The Japanese media says they will be buying all of America’s surplus corn.
“With regard to the potential purchase of American corn, in Japan we are now experiencing insect pests on some agricultural products,” Abe explained to the White House pool, using a translator. “And there is a need for us to buy some of the agricultural products.”
U.S. Trade Rep. Robert Lighthizer said “It’s very good news for our farmers and ranchers.”
The afternoon announcement, on the sidelines of the G-7 conference in Biarritz, France, was unscheduled.
Trump has received pushback from world leaders over his ongoing trade war with China.
White House economic adviser Larry Kudlow pointed to the Japan deal as evidence that it wouldn’t do real harm to the American consumer.
“There may be a small, minimal impact,” Kudlow said Sunday on CNN’s “State of the Union.” “The largest part of the economic burden of the tariffs has fallen on China,” Kudlow said.
Abe said the Japanese and the Americans “would like to set a goal” of signing the new trade agreement when both he and Trump are in New York for the United Nations General Assembly in September.