Japan, US sign bilateral trade agreement

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(VOVWORLD) -Japan and the United States on Monday formally signed a bilateral trade agreement that is expected to put American farmers back on a level playing field with their Japanese rivals through reduced tariffs on agricultural products. 

The deal will be a "game changer for American farmers and ranchers" providing them with "significantly enhanced access to a critical foreign market," US President Donald Trump said prior to the signing of the pact by Japanese Ambassador to the United States Shinsuke Sugiyama, and US Trade Representative Robert Lighthizer at the White House.

The United States hopes the pact will take effect on January 1.

The agreement will see Japan eliminate or reduce tariffs on an additional 7 billion USD of US food and agricultural products, according to the US Department of Agriculture.