US, Japan Announce 'First Stage' of Trade Deal

The United States and Japan have signed a partial trade deal on the sidelines of the U.N. General Assembly in New York. U.S. President Donald Trump called the deal "a huge victory for America's farmers, ranchers, and growers." All those groups are important to his voting base. Japanese Prime Minister Shinzo Abe called the deal "a win-win" that benefits consumers, producers, and workers in both the United States and Japan. Wednesday's deal centers on cuts to tariffs on agricultural and industrial goods, with the exception of cars and trucks. Trump said the deal will help reduce what he called "our chronic trade deficit," opening new markets in Japan to "some $7 billion" in American products.