US and Japan Business – level 3
The US and Japan signed two new trade deals last week.
The first deal will have an impact on the export of agricultural products to Japan. It lowers Japanese tariffs on beef, pork, wheat and other agricultural products. According to the White House, it will lead to fairer trade.
The second deal focuses more on intangible products like music, videos, software and others. Currently, the digital trade between the US and Japan is worth about 40 billion dollars, and the White House believes that this deal will increase this trade.
The US is starting trade talks with China, too. They focus on very similar areas of business such as agricultural trade and intellectual property.
Difficult words: intangible (things which are not possible to be touched), worth (have value), intellectual property (things which protect creative works; for example, copyrights).
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