Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Japan, U.S. reach framework trade pact, no U.S. concessions seen - Nikkei

Economy Aug 23, 2019 09:51PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Japan's Minister of Economic Revitalization Toshimitsu Motegi speaks during the signing agreement ceremony for the Trans-Pacific Partnership (TPP) trade deal, in Santiago

By Kaori Kaneko and David Lawder

TOKYO (Reuters) - The United States and Japan have reached the broad framework of a trade agreement, Japan's Nikkei business daily said on Saturday, with Tokyo making concessions on its agriculture but none immediately apparent from Washington on automobiles.

U.S. Trade Representative Robert Lighthizer and Economy Minister Toshimitsu Motegi reached the deal in Washington on Friday, with Tokyo cutting tariffs on U.S. beef but Washington maintaining tariffs on Japanese autos, Nikkei said.

The newspaper did not cite any sources for its information.

The results of the Lighthizer-Motegi talks will be announced at a meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe expected on Sunday on the sidelines of the Group of Seven summit in Biarritz, France, the Nikkei said.

The report came shortly after Motegi told reporters in Washington that he and Lighthizer had made "big progress".

Motegi said the three-day talks that ended on Friday would probably be the last ministerial-level discussions and working-level officials would continue to hammer out on details.

Japan will cut its tariffs on U.S. beef and pork to the levels applied to members of the Trans-Pacific Partnership (TPP) agreement, the Nikkei said. Trump pulled America out of the TPP, which had been championed by his predecessor, Barack Obama.

The United States will not cut the 2.5% tariff it applies on Japanese autos for now but separate talks on those would continue, the Nikkei reported. It said Washington was "moving in the direction" of scrapping tariffs on some of the 400 types of Japanese car parts that Tokyo is seeking.

Trump and Abe may sign the pact in late September if they can reach a final deal, the Nikkei said. They were expected to meet then on the sidelines of the United Nations General Assembly.

"I think how we proceed the talks from now on, and the time schedule, will be announced at the summit meeting scheduled in Biarritz," Motegi said.

He said Abe and Trump would confirm the progress that was made at the ministerial meetings and decide how to proceed.

"We have been making efforts to narrow gaps," Motegi said.

"We negotiated to protect Japan's position, our position on agriculture," he said.

Japanese officials had previously said Tokyo could cut tariffs to TPP levels but no further.

Motegi and Lighthizer initially planned two days of talks but negotiations extended to a third day on Friday in an effort to narrow differences on areas such as agriculture and automobiles.

Trump is unhappy with Tokyo's large trade surplus and he could pile pressure on Japan to curb its auto exports to the United States and open its highly protected agriculture market to fix what he calls unfair trade imbalances.

Motegi declined to comment on details but said the negotiations were based on the two nations' joint statement in September.

Trump will talk to his counterparts during his visit to France about how to open up their markets to ensure U.S. businesses have avenues to sell goods and services.

The United States and China are also engaged in an expensive trade dispute that has disrupted financial markets worldwide.

Japan, U.S. reach framework trade pact, no U.S. concessions seen - Nikkei
 

Related Articles

Gun Violence Costs the US $557 Billion a Year
Gun Violence Costs the US $557 Billion a Year By Bloomberg - Sep 27, 2022

(Bloomberg) -- Gun violence that causes tens of thousands of US deaths each year — far more than any other developed nation — is having a significant, negative impact on the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
PREDATOR COC
PREDATOR COC Aug 23, 2019 9:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US will start to compromise Japan. US need to use Japan to restrain China.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email