President Trump, Japanese leader Shinzo Abe sign bilateral trade deal

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U.S. President Donald J. Trump and Japan's Prime Minister Shinzo Abe announce Wednesday, September 25, the "first stage of a phenomenal new trade agreement" between the two countries.

The two leaders meet in New York on the sidelines of the United Nations General Assembly meeting to finalize the bilateral trade agreement.

President Trump says, “I'm honored to be alongside my great friend, Prime Minister Abe of Japan, to formally announce the first stage of a phenomenal new trade agreement with our close ally. They've been a great friend and the Prime Minister has been my great friend."

President Trump says trade deal will be “fair and reciprocal.”

[Donald Trump, U.S. President]: "We insist on fairness and we insist on reciprocal. We want reciprocal agreements from now on because, and I'm not just talking about Japan, I'm talking about virtually every nation in the world. They have not been reciprocal. They have been one-way streets.

The trade deal will focus on tariff cuts on U.S. agricultural and industrial goods.

[Donald Trump, U.S. President]: “Japan will open new markets to approximately $7 billion in American agricultural products. Japanese tariffs will now be significantly lower or eliminated entirely for U.S. beef, pork, wheat, cheese, corn, wine, and so much more. This is a huge victory for America's farmers, ranchers and growers and that's very important to me."

For his part, the Japanese prime minister says the trade agreement will benefit “everyone in Japan as well as in the United States, namely consumers, producers, and workers.”

Abe calls the deal “a win-win” for both countries, attributing the outcome of the negotiation to the endeavors made by Japanese Foreign Minister Toshimitsu Motegi and U.S. Trade Representative Robert Lightizer and his team.

“I'm so glad that Donald [President Trump] also shared my aspiration and you joined us and joined me in making this final decision to announce the final agreement between Japan and the United States," says Abe.

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