United States President Donald J. Trump alongside Japanese Prime Minister Shinzo Abe announced on Sunday the framework for a massive trade deal between the two countries. While nothing has been signed yet, the potential agreement could bolster both economies by billions.

"We’ve been working on a deal with Japan for a long time. And we’ve agreed in principle," President Trump told the press at the G7 Summit.

"We successfully reached consensus with regard to the core elements related to agricultural and industrial trade," Abe told the media via a translator. "We still have some remaining work that has to be done at the working level."

The deal will primarily benefit American farmers.

"With regard to the potential purchase of American corn, in Japan, we are now experiencing insect pests on some agricultural products,” Abe added. "And there is a need for us to buy some of the agricultural products."

"This is a tremendous deal for the United States. It's a really tremendous deal for our farmers," President Trump added.

JUST NOW: President @realDonaldTrump and Prime Minister @AbeShinzo announced a trade deal.



"This is a tremendous deal for the United States. It's a really tremendous deal for our farmers." pic.twitter.com/1y42L8x0p4 — The White House (@WhiteHouse) August 25, 2019

Deputy Assistant to the President and Principal Deputy Press Secretary Hogan Gidley tweeted, "The President will always stand up for our great farmers and ranchers!"