President Trump has announced a historic trade deal with Japan on Sunday, in a major blow to China.
Trump and Japanese Prime Minister Shinzo Abe made the joint announcement during their G-7 joint meeting, where Trump said that Japan, America’s third largest international market, was ready to make a deal.
“We’ve been working on a deal with Japan for a long time, and we’ve agreed in principle,” Trump told reporters.
Details of the deal are still unclear, but it’s believed that the deal will open up about $7 billion in products.
Trump said the deal would likely be ratified at the U.N. General Assembly meeting in September.
The news comes on the heels of escalated trade tensions with China, who raised tariffs on $75 billion in American goods last week, prompting Trump to retaliate by hiking tariffs on $550 billion of products from China.
Gerald Celente explains his analysis of the economic warfare happening between the US and China.