Japan is expected to agree to cut tariffs on imports of US beef and pork to around levels granted to signatories of the multilateral Trans-Pacific Partnership.
Japan and New Zealand to work toward expanding the existing 11-member trans-Pacific partnership free trade pact as they seek further economic and regional integration in the Indo-Pacific.
The Trump administration is racing to announce limited trade deals with Japan and India, as President Trump tries to score some wins amid a protracted trade fight with China
President Trump said that his administration had reached an initial trade agreement with Japan and would announce a deal in the coming weeks.
Japan will eliminate the tariffs on US wine within five to seven years after the trade agreement goes into effect.
The United States has agreed to increase its low-tariff quota for Japanese beef in bilateral trade negotiations, sources close to the matter have said.
U.S. Secretary of Agriculture Sonny Perdue suggested the US may make concessions in seeking greater access to Japan’s rice market, during ongoing bilateral trade talks.
Negotiators are now finalizing many of the core elements, including how much Japan is willing to open its agriculture market to US imports, cuts to industrial tariffs, and the treatment of digital trade.
This report provides an overview of the announced agreement and the prospects and timing for its completion and entry into force.
Japan imposed export restrictions on three key chemical materials upon which South Korea is highly dependent for the production of semiconductors. With other actions, that were viewed by South Korea as a “declaration of economic war”.
The US and Japan agreed in principle on a trade deal that would slash Tokyo’s tariffs on American beef, pork and other agricultural products, while delaying for now the threat of additional levies on Japanese auto exports to the US.
British trade secretary hopes to visit Japan by the end of October for talks on a possible bilateral trade agreement and her country’s potential participation in the Trans-Pacific Partnership free trade framework.
US Trade Representative Robert Lighthizer will meet with his Japanese counterpart Toshimitsu Motegu in Washington for two days of discussions on a proposed bilateral free trade deal.
Korea government called for the expansion of trade with Asean states, especially in light of the global rise of protectionist policies and trade wars, not to mention Korea’s recent tensions with Japan.
Tensions between Japan and South Korea have been escalating since July 1. Japan has since placed restrictions on three chemicals critical to South Korea’s tech industry. Uncertainty exists within ongoing negotiations for the Regional Comprehensive Economic Partnership (RCEP).
Only half of eligible companies enjoying fruits of 17 trade agreements.
As the US and Japan intensify trade negotiations, the push for a quick “mini-deal” on agriculture and autos will have far-reaching impact.
With China talks stalling, Trump may be more inclined to give Japan concessions to seal in a trade ‘win.’
The official statement from the RCEP Ministerial Meeting held on August 2-3 said the RCEP talks “must keep the momentum towards concluding negotiations within the year.” But actual progress of the negotiations is slow.
Japanese and American trade negotiators have reached a broad agreement on the digital economy, in which digital products are tariff-free and businesses can host servers wherever they choose.