Japan's Prime Minister Shinzo Abe and U.S. President Donald Trump pose with a joint statement the two leaders made during a bilateral meeting on the sidelines of the 74th session of the United Nations General Assembly in New York City, Sept. 25, 2019.
Japan's Prime Minister Shinzo Abe and U.S. President Donald Trump pose with a joint statement the two leaders made during a bilateral meeting on the sidelines of the 74th session of the United Nations General Assembly in New York City, Sept. 25, 2019.

The United States and Japan have signed a partial trade deal on the sidelines of the U.N. General Assembly in New York.

U.S. President Donald Trump called the deal "a huge victory for America's farmers, ranchers, and growers." All those groups are important to his voting base.

Japanese Prime Minister Shinzo Abe called the deal "a win-win" that benefits consumers, producers, and workers in both the United States and Japan.

Wednesday's deal centers on cuts to tariffs on agricultural and industrial goods, with the exception of cars and trucks.

Trump said the deal will help reduce what he called "our chronic trade deficit," opening new markets in Japan to "some $7 billion" in American products.

The deal is not complete; in an announcement Wednesday, both leaders called it the "first stage" of a new trade agreement. Trump promised that "in the fairly near future we are going to have a lot more."

Last year the total U.S. trade deficit with Japan was $58 billion. Meanwhile Japan exported $51 billion worth of cars to the American market

The U.S. Chamber of Commerce praised the development but said it is not enough. In a statement Wednesday, the Chamber urged the U.S. government to achieve a "comprehensive, high-standard trade agreement with Japan that addresses the full range of our trade priorities." 

Among those priorities, it said, are services, intellectual property protection, and regulatory barriers to trade.