The US and Japan have agreed an initial trade deal that will eliminate or lower tariffs on certain products traded between them.
The US, which had a trade deficit with Japan of $67.6 billion in 2018, has held discussions with Japan throughout the year.
Under the deal, over 90% of US food and agricultural products going into Japan will either be free of any duty or receive preferential tariff access, according to the Office of the United States Trade Representative (USTR).
Japan will reduce tariffs on products such as fresh and frozen beef and pork, and will immediately eliminate them for certain nuts, fruits and vegetables.
In return, the US will either remove or lower duties on some $40 million of agricultural imports from Japan, including cut flowers, green tea and soy sauce.
According a transcript published by the White House., Mr Abe said there would be a “very wonderful, positive impact on the global economy”.
The US and Japan have also agreed on preferential treatment for certain digital products.
They will prohibit any duties being imposed on digital products such as videos, music and e-books and will ensure data can be freely transferred across borders.
The US said it looked forward to negotiating a “comprehensive agreement” with Japan, according to the USTR statement.
How about the controversial car tariffs?
The US had been considering levies on some foreign-made car and car part imports, including from Japan and the European Union, but delayed the decision earlier this year.
The new deal did not cover car duties- but Mr Abe said he had been reassured by Mr Trump that the US would not impose tariffs on Japanese cars.
“Between President Trump and I, myself, this has been firmly confirmed that no further, additional tariffs will imposed,” Reuters quoted him as saying.
The US has been fighting trade disputes on several fronts over the past year.
Fitness start-up Peloton plans to raise up to $1.3bn (£1.1bn) in an initial public offering, the latest loss-making firm gearing up for its market debut.
Users then purchase a subscription to access classes streamed live and on-demand. The firm said it has more than 1.4 million members.
“On the most basic level, Peloton sells happiness,” founder John Foley previously said.
In a regulatory filing, the firm said it plans to offer 46 million shares, priced between $26 and $29 per share. That would give the company a market value of up to $8.2bn.
Peloton’s most recent earnings report showed a rise in revenues but the company fell short of turning a profit.
For the year ended 30 June, revenues more than doubled to $915m while its net loss widened $195.6m from $47.9m.
The planned listing comes on the heels of several high-profile US stock debuts.
Uber and Lyft both went public this year but drew criticism over their heavy losses.
WeWork’s stock market debut – one of the most hotly anticipated financial events of the year – is also in doubt.
The company rents office space for the long-term, subletting that space to firms and individuals on more flexible lease terms.
SoftBank, the Japanese investment firm that owns about 30% of WeWork, has reportedly urged the property company to drop its flotation plans.
The pressure follows signs that outside investors do not value the much-hyped firm as highly as SoftBank did when it invested last year.