The U.S. and Japan have reached a trade agreement at the G7 Summit in France, according to the White House, President Donald Trump and Japanese Prime Minister Shinzo Abe.

Big Trade Deal just agreed to with Prime Minister Abe of Japan. Will be great for our Farmers, Ranchers and more. Really big Corn purchase! — Donald J. Trump (@realDonaldTrump) August 25, 2019

The president says the deal has been agreed to in principle and is expected to be signed at a formal ceremony in the future.

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

One aspect of the deal is Japan’s pledge to purchase all of the excess corn from the U.S. that Trump says China originally agreed to purchase but has failed to do so.

"We have excess corn in various parts of our country with our farmers because China did not do what they said they were going to do. And Prime Minister @AbeShinzo, on behalf of Japan, they're going to be buying all of that corn." — President @realDonaldTrump pic.twitter.com/cqRTDeKZLR — The White House (@WhiteHouse) August 25, 2019

U.S. Trade Representative Robert Lighthizer identified three key areas that make up the agreement — agriculture, industrial tariffs and digital trade.

.@USTradeRep Lighthizer on today's trade announcement: "It has 3 parts—agriculture, industrial tariffs, and digital trade . . . This will open up markets to over 7 BILLION dollars of those products." pic.twitter.com/c0mYKjNViL — The White House (@WhiteHouse) August 25, 2019

Sen. Chuck Grassley, who represents the corn-rich state of Iowa, was pleased to hear of this trade deal.

Good 2 hear Pres Trump/Abe announcement on trade w Japan Gr8 news for ag+farmers Next step is comprehensive deal @realDonaldTrump is delivering for USA — ChuckGrassley (@ChuckGrassley) August 25, 2019

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