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Japan-U.S. Agree to Set Framework for Trade Talks
Envoys from Japan and the U.S. agreed earlier today to establish a framework for expanding trade and tariffs talks between the two countries.
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Envoys from Japan and the U.S. agreed earlier today to establish a framework for expanding trade and tariffs talks between the two countries.
President Donald Trump has been pressuring Japan to find ways to reduce its trade deficit with the U.S., which totaled about 7 trillion yen ($62 billion) in 2017. Cars represent more than 70% of the total, The Japan Times says.
Trump has threatened to impose tariffs as great as 25% on vehicles imported by the U.S. from virtually anywhere. The newspaper says Japan has signaled willingness to address American interest in establishing more favorable trade on autos and products.
The report suggests that Japan would be willing to plunge into bilateral negotiations with the U.S. under the assumption that doing so would Japanese vehicles and parts from the threatened levies. Trump and Japan Prime Minister Shinzo Abe are scheduled to meet in New York City on Wednesday to consider next steps.
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