US-Japan Trade Deal Strikes Hurdle As Tokyo Seeks Word On Auto Tariffs

US-Japan Trade Deal Strikes Hurdle As Tokyo Seeks Word On Auto Tariffs

The U.S.-Japan trade agreement strikes a last-minute problem since Japanese executives sought reassurances that the Trump government would not enforce national security levies on Japanese-manufactured cars and auto parts, sources familiar with the discussions stated. The U.S. President Donald Trump with Japanese Prime Minister Shinzo Abe had been aiming to ink a trade agreement during a meeting in this week at the UN’s General Assembly in New York that presented surged access to Japan for the U.S. agricultural products and two-sided curbs on industrial goods tariffs. But the restricted trade deal is not anticipated to comprise alterations to taxes and trade regulations governing autos, which is the largest source of the $67.6 Billion US trade shortfall with Japan.

Trump has abstained so far from following through on his intimidation to enforce taxes of around 25% on European and Japanese car and auto parts imports, mentioning ongoing trade conciliations with these associates. Earlier The New York Times stated that Japan was calling a “sunset clause” that will annul any trade benefits for the U.S. if Trump slaps the auto tariffs on Japanese automobiles. Masato Ohtaka—Japan’s Foreign Ministry Spokesperson—stated that Japan still expected to ink the U.S. trade contract by September and that there was still some time to sort out remaining issues.

On a similar note, lately, the White House reported that the U.S.-Japan trade deal is a model of “fair” ties. Mike Pence (U.S. Vice President) and Taro Aso (Japanese Deputy Prime Minister) affirmed that the upcoming two-sided trade deal will serve as a representation for “reciprocal and fair economic relations.” In a statement, the White House said that the two conferred about the “positive development being made toward a finalized two-sided trade deal” and that “such a full deal will induce greater prosperity in both nations and will serve as a role model for reciprocal and fair economic relations amongst nations.”

William Bentley
Managing Editor At Packaging Industry Reports

William holds Master of Business Administration in Finance Degree and leads the team of 7 writers at Packaging Industry Reports. He has deep knowledge of share market and has a long record of being a famous trading consultant in the Business industry from last 10 years. Although William has no family background of business, he demonstrated a keen interest in the business activities from his school days. While he can write news on any topic related to the Business field, he is more focused on the topics that show the impact of advanced technologies in this field. He always keeps himself updated with the latest computer skills.

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