Trump signs executive order formally implementing US-Japan trade agreement

The White House announced that US President Trump signed an executive order formally implementing the US-Japan trade agreement. The order will reportedly clarify tariff adjustments to ensure that Japanese imports previously subject to higher tariffs will not be subject to double taxation, while goods previously subject to tariffs below 15% will be adjusted to the new rates. Separate industry-specific treatment will also be implemented for automobiles and auto parts, aerospace products, generic pharmaceuticals, and natural resources that cannot be naturally obtained or produced in the United States. The statement also stated that Japan will provide breakthrough market access to key sectors for US manufacturers in manufacturing, aerospace, agriculture, food, energy, automobiles, and industrial products. The Japanese government is working to accelerate the implementation of its "minimum access" rice program, increasing US rice purchases by 75%, and purchasing US agricultural products, including corn, soybeans, fertilizers, bioethanol, and other US products, totaling $8 billion annually. (Jinshi)