US reaches trade deal with Japan

US reaches trade deal with Japan


GRIFF: FOX NEWS ALERT YOU’RE SEE ING HERE PRESIDENT TRUMP SITTING DOWN WITH PRIME MINISTER LET’S TAKE A LISTEN. PRESIDENT TRUMP: IT’S A LONG TIME AND IT INVOLVES AGRICULTURAL AND IT INVOLVES E-COMMERCE AND MANY OTHER BIG THINGS AND IT’S A VERY BIG TRANSACTION AND WE’VE AGREED IN PRINCIPLE, IT’S GOING TO BE BILLIONS OF DOLLARS, TREMENDOUS FOR THE FARMERS AND ONE OF THE THINGS THAT THE PRIME MINISTER HAS ALSO AGREED TO IS WE HAVE EXCESS CORN, AND IN VARIOUS PARTS OF OUR COUNTRY, WITH OUR FARMERS, BECAUSE CHINA DID NOT DO WHAT THEY SAID THEY WERE GOING TO DO AND PRIME MINISTER, ON BEHALF OF JAPAN, THEY ARE GOING TO BE BUYING ALL OF THAT CORN AND THAT’S A VERY BIG TRANSACTION. THEY ARE BUYING IT FROM OUR FARMERS, SO THE DEAL IS DONE IN PRINCIPLE. WE PROBABLY WILL BE SIGNING IT AROUND THE DAY WHICH WE WILL LOOK FORWARD TO AND WE’RE VERY FAR DOWN THE LINE. WE’VE AGREED TO EVERY POINT AND NOW WE’RE PAPERING IT AND WE’LL BE SIGNING IT AT A FORMAL CEREMONY AND I JUST WANT TO THANK THE PRIME MINISTER AND THE JAPANESE PEOPLE. YOU’VE BEEN A FANTASTIC FRIEND AND WE VERY MUCH APPRECIATE IT, THIS WITH TREMENDOUS DEAL FOR THE UNITED STATES. IT’S A REALLY TREMENDOUS DEAL FOR OUR FARMERS AND AGRICULTURAL RANCHES AND ALSO INVOLVES OTHER THINGS INCLUDING AS I SAID E-COMMERCE, SO IT’S VERY BIG AND WE LOOK FORWARD TO IT AND THANK YOU VERY MUCH.>> [SPEAKING IN A FOREIGN LANGUAGE]>> [TRANSLATING]>> [RESPONDING IN TRANSLATION]>> WITH REGARD TO THE U.S. TRADE AGREEMENTS A SERIES OF INTENSIVE NEGOTIATIONS HAS BEEN CONDUCTED KEEPING IN MIND WITH HOW THE ECONOMY WITH JOINT STATEMENTS ON SEPTEMBER 26, AND HOW WE SUCCESSFULLY REACHED CONSENSUS WITH REGARD TO THE CORE ELEMENTS OF BOTH THE AGRICULTURAL AND INDUSTRIAL PRODUCTS AT OUR BILATERAL MEETING ON AUGUST 23 AND I CERTAINLY WELCOME THIS DEVELOPMENT.>> [TRANSLATING]>> AND MR. PRESIDENT, HAD POINTED OUT, NEXT MONTH, AT THE END OF SEPTEMBER, BOTH OF US ARE GOING TO ATTEND THE GENERAL ASSEMBLY AND ON THAT OCCASION, THAT THE BILATERAL SUMMIT MEETING SO WE CERTAINLY WILL SIGN THIS JAPAN U.S. TRADE AGREEMENT ON SEIZING THAT OPPORTUNITY AND WE STILL HAVE SOME REMAINING WORK THAT HAS TO BE DONE AT THE WORKING LEVEL, NAMELY, FINALIZING THE WORDING OF THE TRADE A TREEMENT AND ALSO FINALIZING THE CONTENT OF THAT AGREEMENT ITSELF, BUT WE WILL MAKE SURE THAT OUR TEAMS WOULD ACCELERATE THE REMAINING WORK SO AS TO ACHIEVE THIS GOAL OF REALIZING THE FINDINGS OF THE AGREEMENT ON THE MARGINS OF THE UN GENERAL ASSEMBLY AT THE END OF SEPTEMBER.>> [TRANSLATING]>> AND I’M VERY HAPPY THAT BOTH OF OUR TEAMS HAVE BEEN WORKING ON THIS SPECIFIC ISSUE IN A WIN- WIN MANNER FRAMING BOTH THE BENEFITS TO JAPAN AND THE UNITED STATES, AND IF WE ARE TO SEE THE ENTRY INTO THE COURSE OF THIS TRADE AGREEMENT, I’M QUITE SURE THAT THERE WILL BE AN IMMENSE POSITIVE IMPACT ON BOTH THE JAPANESE AS WELL AS THE AMERICAN ECONOMY. PRESIDENT TRUMP: PERHAPS YOU MAY WANT TO DISCUSS THE ADDITIONAL PURCHASE OF ALL OF THAT CORN BECAUSE WE HAVE HAVE A TREMENDOUS AMOUNT RIGHT NOW AND WE’VE BEEN WORKING WITH THE FARMERS AND MAKING VERY VERY LARGE PAYMENTS FOR THE UNFAIR WAY THEY WERE TREATED BY CHINA, AND FARMERS ARE VERY HAPPY. THEY LIKE THEIR PRESIDENT. THEY’RE VERY HAPPY BUT I THINK IT’S EVEN BETTER AND THEY’RE EVEN HAPPIER WHEN THEY HEAR YOU’RE ACTUALLY BUYING THEIR PRODUCT SO PERHAPS YOU COULD SAY A COUPLE OF WORDS JUST ABOUT THE HUNDREDS OF MILLIONS OF DOLLARS OF CORN, EXISTING CORN, THAT’S THERE, THAT YOU’LL BE BUYING.>> [TRANSLATING]>> [IN TRANSLATION]>> WITH REGARD TO THE POTENTIAL PURCHASE OF AMERICAN CORN, IN JAPAN, HOWEVER, WE’RE NOW EXPERIENCING INSECTS PESTS ON THE AGRICULTURAL PRODUCTS AND THERE IS A NEED FOR US TO BUY CERTAIN AMOUNTS OF THE AGRICULTURAL PRODUCTS AND THIS WILL BE DONE BY THE JAPANESE PRIVATE SECTOR, AND THAT MEANS THAT THE JAPANESE CORPORATION WILL NEED TO BUY ADDITIONAL AGRICULTURAL PRODUCTS, AND WE BELIEVE THAT THERE IS A NEED, FOR US TO IMPLEMENT EMERGENCY SUPPORT MEASURES FOR THE JAPANESE PRIVATE SECTOR, TO HAVE THE PURCHASE OF THE CORN. OF COURSE, WITH THE UNDERSTANDING BY THE JAPANESE PRIVATE SECTOR, SO THAT’S WHY, AGAIN, I DO THINK THAT THERE IS A POSSIBILITY FOR US TO ADDRESS THIS ISSUE, AND WITH REGARD TO FURTHER DETAILS, I’D LIKE TO CONTINUE DISCUSSING WITH YOU, MR. PRESIDENT. PRESIDENT TRUMP: AND THE JAPANESE PRIVATE SECTOR LISTENS TO THE JAPANESE PUBLIC SECTOR VERY STRONGLY. I’M NOT SURE. IT’S A LITTLE DIFFERENT IN THIS COUNTRY, PERHAPS BUT THEY’RE VERY RESPECTFUL FOR THE PUBLIC SECTOR, SO WHEN I HEAR THE PRIVATE SECTOR HAS AGREED TO THIS WE’RE VERY HAPPY ABOUT THAT AND I JUST LIKE TO ASK, PERHAPS YOUR COUNTERPART IF YOU’D LIKE TO SAY A FEW WORDS?>> [TRANSLATING]>> THANK YOU, MR. PRESIDENT, PRIME MINISTER, THANK YOU. FIRST OF ALL, WHAT WE HAVE IS ON PRINCIPLE WE HAVE THREE PARTS, AGRICULTURE, INDUSTRIAL TARIFFS, AND PAY AND FROM OUR POINT OF VIEW IT IS EXTREMELY IMPORTANT TO OUR FARMERS AND RANCHERS AND THOSE PEOPLE WHO WORK IN THE SPACE WE’LL GIVE THEM DETAILS AT ANOTHER TIME BUT GENERALLY, JAPAN IS OUR THIRD LARGEST AGRICULTURAL MARKET AND THEY IMPORT ABOUT $14 BILLION WORTH OF GOODS AND THIS WILL OPEN OUR MARKETS TO OVER $7 BILLION OF THOSE PRODUCTS.>> [TRANSLATING]>> IN THE AGRICULTURE AREA, IT WILL BE A MAJOR BENEFIT FOR BEEF , PORK, DAIRY PRODUCTS, WINE , ETHANOL, AND A VARIETY OF OTHER PRODUCTS.>> [TRANSLATING]>> IT WILL LEAD TO SUBSTANTIAL REDUCTIONS IN TARIFFS AND NON- TARIFF BARRIERS, ACROSS-THE-BOARD, AND I’LL JUST GIVE YOU ONE EXAMPLE. JAPAN IS BY FAR, OUR BIGGEST BEEF MARKET. WE SELL OVER $2 BILLION WORTH OF BEEF TO JAPAN AND THIS WILL ALLOW US TO DO SO WITH LOWER TARIFFS AND TO COMPETE MORE EFFECTIVELY WITH PEOPLE PARTICULARLY COUNTRIES AND EUROPE.>> [TRANSLATING]>> SO IT’S VERY GOOD NEWS FOR OUR FARMERS AND RANCHERS BUT IT’S ALSO GOOD NEWS FOR THOSE WHO WORK IN THE DIGITAL E-COMMERCE SPACE, WHERE IT IS THE GOLD STANDARD OF AN INTERNATIONAL AGREEMENT. THIS IS AN AREA THAT NOT ONLY HAS BEEN IMPORTANT TO THE PRESIDENT BUT HAS BEEN OF PARTICULAR IMPORTANCE TO THE PRIME MINISTER.>> [TRANSLATING]>> SO WE’RE VERY EXCITED ABOUT THIS AGREEMENT. WE LOOK FORWARD TO FINISHING THE ADDITIONAL WORK AND HAVING IT BE IMPLEMENTED AS SOON AS POSSIBLE, IN JAPAN AND THE UNITED STATES.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU.>> I’D LIKE TO MENTION BASED ON THE JAPAN/U.S. JOINT STATEMENT WITHING THE TWO LEADERS HAVING MET ON THE 26TH OF SEPTEMBER LAST YEAR, BUT A SERIES OF MEETINGS THERE WITH THE NEGOTIATION ON JAPAN/U.S. TRADE AGREEMENT.>> [TRANSLATING]>> THE UNITED STATES IS THE LARGEST ECONOMY IN THE WORLD, HOWEVER JAPAN IS ALSO RANKED THIRD IN THE TERMS OF THE TOTAL GDP AND ALSO WE ARE THE VERY FIRST AND THE SECOND LARGEST ECONOMY, AND WITH THIS MILESTONE ACHIEVEMENT, WE NOW HAVE THE CONCURRENCE ON VARIOUS ISSUES COVERING THE INDUSTRIAL PRODUCT AND ALSO THE DIGITAL PRODUCT AND E-COMMERCE, AND THIS ACHIEVEMENT , I’M VERY HAPPY AS TO SHARE THIS IMPORTANT ACHIEVEMENT WITH YOU.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU.>> AND ON THIS OCCASION, MYSELF AND MASTER LIGHTHIZER HAD A CHANCE ON WHAT WE HAD AGREED AND HOW WE SUCCESSFULLY GAINED ENDORSEMENT FROM PRESIDENT TRUMP AND ALSO PRIME MINISTER AND THE KEY MISSION, HOWEVER, WITH MYSELF IS TO COMPLETE THE REMAINING WORK AS SOON AS POSSIBLE, BUT FIRST, HOW I HAVE MY OWN TEAM, WHICH WE WILL FOCUS ON COMPLETING THE REMAINING WORK AND I CERTAINLY HOPE THAT THE WORK BETWEEN MYSELF AND AMBASSADOR LIGHTHIZER AND ALSO BETWEEN THE AMERICANS WE WOULD LIKE TO HAVE TO COMPLETE THE REMAINING WORK AS SOON AS POSSIBLE. PRESIDENT TRUMP: THANK YOU, AND I APPRECIATE IT. REPORTER: MR. PRESIDENT? PRESIDENT TRUMP: YES? REPORTER: WILL THE MATERIALS REMAIN IN PLACE? PRESIDENT TRUMP: WITH REGARD TO CHINA? REPORTER: WITH REGARD TO JAPAN.>> THERE ARE A SEARS OF INDUSTRIAL TARIFFS THAT REMAIN REDUCED. OUR TARIFFS ARE NOT IN THAT GROUP. PRESIDENT TRUMP: THAT DEPENDS ARE YOU TALKING ABOUT JAPAN OR CHINA? THAT’S ALL I CAN TELL YOU IS CHINA REMAINS. JAPAN THEY STAY THE SAME. THEY ARE THE SAME. THIS IS A MASSIVE PURCHASE OF WHEAT ALSO IN ADDITION TO EVERYTHING ELSE THIS IS A VERY LARGE PURCHASE OF WHEAT, AND THE VERY VERY LARGE ORDER OF CORN THAT WILL GO QUICKLY, BUT IMPORTANTLY, IT’S SOMETHING THAT WASN’T IN THE AGREEMENT AND WE MAY VIEW THAT AS A SUPPLEMENTARY AGREEMENT BUT WE APPRECIATE THAT VERY MUCH. WE JUST AGREED TO THAT ON THE OTHER SIDE OF THE DOOR, SO I JUST APPRECIATE THAT VERY MUCH, AND WE’LL DO A GREAT JOB AND THE FARMERS ARE VERY THANKFUL. [TRANSLATING]>> MR. PRESIDENT ON A SEPARATE ISSUE THERE ARE REPORTS THAT THE IRANIAN FOREIGN MINISTER IS COMING TO BIARRITZ. CAN YOU CONFIRM THAT? PRESIDENT TRUMP: NO COMMENT.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU VERY MUCH, EVERYONE.>> THANK YOU, GUYS.>> THANK YOU. GRIFF: DONE IN PRINCIPLE PRESIDENT TRUMP ANNOUNCING A MAJOR TRADE DEAL WITH JAPAN AND IT WILL INVOLVE WHEAT AND A LARGE AMOUNT OF CORN, AND PRIME

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