Japan Deal to Include Larger Rice Quotas, Purchase Promises
The White House said in a fact sheet that Japan will immediately expand import quotas on rice, allowing for 75% more U.S. rice sales to that country's buyers.
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The administration said Japan has promised to buy "$8 billion in U.S. goods, including corn, soybeans, fertilizer, bioethanol, and sustainable aviation fuel." It also agreed to buy 100 Boeing aircraft, and additional billions of dollars of defense equipment each year.
"Longstanding restrictions on U.S. cars and trucks will be lifted, granting U.S. automakers access to the Japanese consumer market; U.S. Automotive standards will be approved in Japan for the first time ever," the fact sheet said. U.S. cars already enter duty-free. Most cars on the road in Japan are right-hand drive, but steering wheels on the left are legal.
It also cited unspecific "Broader openings for a range of industrial and consumer goods, leveling the playing field for American producers."
The fact sheet also said that Japan would provide $550 billion in investment directed by the United States, which would be concentrated in energy infrastructure and production; semiconductor manufacturing and research; critical minerals mining, processing and refining; pharmaceutical and medical supply production; and commercial and defense shipbuilding.
The U.S. would receive 90% of the profits from these projects.
Commerce Secretary Howard Lutnick said on Bloomberg TV on July 23 that this money would be a combination of loan guarantees, loans and equity.