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US, Japan announce trade deal worth 'billions' at G7 summit

Osaka Hosts The G20 Summit - Day One
Posted at 2:30 PM, Aug 25, 2019
and last updated 2019-08-25 17:30:18-04

BIARRITZ, France (AP) — President Donald Trump says that the U.S. and Japan have agreed in principle on a new trade agreement.

Trump and Japanese Prime Minister Shinzo Abe are discussing the proposed pact as part of the annual Group of Seven summit taking place Sunday.

Trump said the two sides have agreed on every point and hope to sign the agreement next month. The two leaders are not going into many details of the pact, but the U.S. is seeking to increase agricultural exports to Japan such as beef, pork and corn.

Trump says Japan is expected to make large purchases of corn as part of the agreement.

Abe says there is still some work left to do, but says the proposal would have "immense positive impacts" on the economies of both the U.S. and Japan.

The Trump administration is looking to highlight progress on trade amid tensions with China.

U.S. Trade Representative Robert Lighthizer said the deal will open markets to $7 billion in agricultural products, The Hill reported.