politics

Japan, U.S. reach framework trade pact; no tariff cuts on Japanese cars: report

8 Comments

The United States and Japan have reached the broad framework of a trade agreement, with Washington maintaining tariffs on Japanese autos but Tokyo cutting tariffs on U.S. beef and pork, Japan's Nikkei business daily said on Saturday.

U.S. Trade Representative Robert Lighthizer and Economy Minister Toshimitsu Motegi reached the deal on Friday in Washington, and it will be announced at a meeting of President Donald Trump and Prime Minister Shinzo Abe expected on Sunday on the sidelines of the Group of Seven summit in Biarritz, France, the newspaper said.

The Nikkei did not cite any sources for its information.

The report comes shortly after Motegi told reporters in Washington that he and Lighthizer had made "big progress" in their talks.

© (c) Copyright Thomson Reuters 2019.

©2019 GPlusMedia Inc.

8 Comments
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One of the thing I miss the most living in Japan is an affordable aged sirloin, bring on the trade deal and some non mooing cows please.

3 ( +3 / -0 )

Japan surrenders to the Americans again.

1 ( +3 / -2 )

Again showing who rules Japan; not the Japanese people.

-1 ( +2 / -3 )

So Abe sells out Japan to give his pal a "huge" victory. Interesting to see what he gets in return.

2 ( +3 / -1 )

Is it going to lead to cheaper beef I don't think so, importers and businesses will keep the savings and attribute the reason to the exchange rate.

I am not rejoicing yet, until I see the price of US beef at cistco drop.

5 ( +5 / -0 )

Not enough detail since a 'cut' in tariffs could be a 5% or 10% or 20% cut. Plus, Japanese car companies are producing an ever-increasing share of their cars for America in America (and I have no idea is those cars are subject to tariffs or if those cars count in the percentage of cars made by Japanese companies and does that lower the overall tariff %).

-1 ( +0 / -1 )

Is it going to lead to cheaper beef I don't think so, importers and businesses will keep the savings and attribute the reason to the exchange rate.

Surely. After they made that deal with the EU to lower tariffs on hard cheeses, I noticed some of them actually went up sharply in price.

0 ( +0 / -0 )

Hopefully, the Americans pushed a lot harder than these token sounding changes imply. Guess we’ll have to wait until we see facts on the ground, as the Japanese would never publicly concede they’ve agreed to do what hitherto they’ve always sworn they never would, pull down the array of invisible tariff walls that quarantine her from having to face the same kind of competition that Western companies have to face from unfettered Japanese exports in their own markets.

1 ( +1 / -0 )

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