The US and Japan have agreed on a broad framework for a trade deal that will keep US tariffs on Japanese automobiles in place for now, while removing barriers to beef and pork exports to Japan.
Robert Lighthizer, the US Trade Representative, and Japan Economy Minister Toshimitsu Motegi reached an agreement in Washington Friday.
The US currently has a 2.5% import tax on Japanese cars and a 25% levy on trucks from the nation. Japan will lower tariffs on US beef and pork to the same levels as those proposed for the Trans-Pacific Partnership (TPP).
President Donald Trump and Japan Prime Minister Shinzo Abe made a trade announcement during the G-7 Summit in France Sunday.
Japan is seeking to stay in President Trump’s good graces to avoid costly tariffs and retain positive relations with an ally that ensures its security against China and NKorea.
Have a terrific weekend
Latest posts by Paul Ebeling (see all)
- Asia: Gold, Crude Oil, Stocks, Commodities and Currency Pairs - October 22, 2019
- The Street’s Key Stock Analysts Research Reports - October 22, 2019
- Bulls Dread S&P 500 Earnings Outlook Downgrades - October 22, 2019