Japan's Diet Approves US Trade Deal
Japan’s Diet approved the country’s trade deal with the U.S., Japan’s Ministry of Foreign Affairs said in a Dec. 3 notice, according to an unofficial translation. The deal passed in Japan’s upper house after being approved by Japan’s lower house on Nov. 19 (see 1911190045), and sets up a Jan. 1, 2020, effective date. The deal, signed by the two countries in October, will eliminate nearly 250 tariff lines of Japanese imports into the U.S. and will lower Japanese tariffs on hundreds of U.S. exports, including food and agricultural goods (see 1910070074)
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President Donald Trump will sign the deal's “implementing proclamation” next week, U.S. Trade Representative Robert Lighthizer said. “I commend Japan’s quick action to approve these important trade agreements between our two nations,” he said in a statement. “Now, U.S. farmers and ranchers will have significantly improved access to Japan’s market, and America’s leadership in the growing digital economy will continue to flourish to the benefit of all our workers.” Lighthizer said the U.S. and Japan will begin negotiations on a “broader trade agreement” early next year.