President Trump announced on Sunday that he has made a trade deal “in principle” with Japanese leader Shinzo Abe.
It is unclear at this point what direction the pact might take. Large trade agreements typically require approval from Congress.
Trump did say that the deal could be signed in September, adding, “We’ve been working on a deal with Japan for a long time. And we’ve agreed in principle … billions and billions of dollars.”
For more than a year, he has been threatening to impose tariffs, claiming that Japan imports too many cars into the U. S. in comparison to what American automakers send abroad.
However, U.S. Trade Representative Robert Lighthizer says the latest deal would focus on “agriculture, industrial tariffs and digital trade.”
To that end, Trump told Abe with reporters present, “Perhaps you’d like to talk about” Japan’s plans to purchase “hundreds of millions of dollars of corn that’s there, that you’ll be buying.” Abe replied that the Japanese private sector would manage purchasing.
Abe added, “We still have some remaining work that has to be done at the working level” before the agreement could be finalized, approved and implemented.