New York — The following is the gist of a bilateral trade agreement reached by the United States and Japan on Wednesday.
— Japan to eliminate or reduce tariffs on $7.2 billion worth of U.S. food and agricultural products.
— Japan to reduce or eliminate tariffs to around the same level as seen in the Trans-Pacific Partnership pact, of which Washington was a signatory, for U.S. beef, pork, wheat, some dairy products and wine. The United States withdrew from the TPP under President Donald Trump.
— Japan not to offer the United States a tariff-free rice quota of up to 70,000 tons a year as it had originally agreed in the TPP.
— The United States to increase its low-tariff quota for Japanese beef from the current 200 tons per year.
— The United States to maintain its current 2.5 percent tariff on Japanese cars and auto parts.
— Japan to be exempted from being slapped with higher auto tariffs on national security grounds.