U.S. will not impose new auto tariffs on Japanese imports

Finally! Some good news coming out of President Donald Trump’s foolish trade policies.

Speaking to reporters during the G7 summit, the president confirmed that he will not be imposing new tariffs on Japanese automobile imports. But he did say that “it’s something I could do at a later date if I wanted to but we’re not looking at that.”

This comes as the two sides are about to sign a new partial trade agreement next month that opens up Japan’s agricultural market to US goods, including wheat, corn, and dairy, which is expected to generate $7 billion in revenues. In exchange, Japan receives exemptions and a reduction in industrial tariffs.

But there isn’t else a lot known about this trade deal.

Either way, the U.S. agriculture sector is thrilled by the news:

“Farmers and ranchers needed a win, and the preliminary agreement between the U.S. and Japan comes at a critical time. With major competitors eyeing our market share in Japan, expanding access for U.S. producers is critical,” said Barbara Glenn, CEO of the National Association of State Departments of Agriculture.

Now, if only the United States can stop slapping new tariffs on everybody else that would be great…