The White House said Sunday that a trade deal "that will lead to a substantial reduction in tariffs and non-tariff barriers across the board" between Washington and Tokyo is closer, following talks over the weekend on the sidelines of the Group of Seven meeting.

Citing beef and corn exports to Japan, the White House implied the deal would be a boost for U.S. farmers.

"This is a tremendous deal for the United States. It's a really tremendous deal for our farmers," said President Donald Trump in statements on Sunday, adding that the negotiations are "done in principle."

Trump said that "we've agreed to every point," while sitting next to Japanese Prime Minister Shinzo Abe. If Japan's parliament were to approve the trade deal during its fall session, it could become official by two months later, said the Nikkei Asian Review, though the White House implied it could be signed in September.

In addition to the undisclosed agricultural agreements, the deal would also include lowering industrial tariffs and improving digital trade, said the White House. Trump said the negotiations also include "military trade," citing North Korea.

"And one of the things that Prime Minister Abe has also agreed to is 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 Abe, on behalf of Japan, they're going to be buying all of that corn. And that's a very big transaction.  They're going to be buying it from our farmers," said Trump, according to a transcript of his statements at the G-7 meeting over the weekend.

TST Recommends

Abe said the two nations have agreed so far on the "core elements of both the agricultural and industrial products of our bilateral consultations." 

Using less certain language, Abe said that the "potential purchase of American corn" was needed in Japan, because the nation's crops are affected by an "insect pest"  on some of its agricultural products.

U.S. Trade Representative Robert Lighthizer said the deal would leave current U.S. tariffs on Japanese automotive imports alone.

Japan is the U.S.' third-largest agricultural market, said Lighthizer, importing around $14 billion worth of U.S. farm products annually.

While he declined to reveal details of the deal, he said, "this will open up markets to over $7 billion of those products."

"In the agriculture area, it will be a major benefit for beef, pork, wheat, dairy products, wine, ethanol, and a variety of other products," he added.

This story has been updated with new information and with some earlier typos and garbled phrases corrected.