The United States and Japan are working on a trade deal involving agriculture and autos that could be agreed by President Donald Trump and Prime ...
WASHINGTON: The United States and Japan are working on a trade deal involving agriculture and autos that could be agreed by President Donald Trump and Prime Minister Shinzo Abe when they meet in New York in September, three industry sources familiar with the discussions said on Tuesday .
Improved access to the Japanese market would help the United States compete with members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership , a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Trump has repeatedly said he is unhappy with Japan's trade surplus with the United States, which was US$67.6 billion in goods in 2018, with nearly two-thirds coming from auto exports, according to U.S. figures.
The deal would not require congressional approval since the U.S. president can eliminate or reduce tariffs on products that have a duty of less than 5per cent duty, and most auto parts tariffs are roughly 3-6per cent.
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