Trade conflict between US and Japan

Trade conflict between US and Japan

Japan’s top public spokesperson rejected on Monday (Aug 26) that Tokyo took too many concessions in trade discussions with the United States, stating that the two nations were willing to achieve a wide accord was ‘ very important. ‘ In essence, on Sunday, the United States and Japan agreed to key components of a trade agreement that US President Donald Trump and US Prime Minister Shinzo Abe said they had expected to conclude.

If finalized, the arrangement would cool a trade conflict between the two countries just as the U.S.-China trade conflict escalates, but some Japanese critics claim Tokyo gave up too much.

Chief Cabinet Secretary Yoshihide Suga was questioned at a news conference in Tokyo whether the United States had removed its danger of imposing extra tariffs on Japanese cars.

“There are still negotiations going on, so I would like to refrain from speaking,” Suga informed journalists.

“But I don’t think that’s going to be the case,” he added, because the leaders of the two countries confirmed, including at a September summit, that Washington wouldn’t allow greater tariffs on car and car components while trade discussions were going on.

“Japan and the US agreed based on last September’s joint declaration. And on that basis, associated ministers agreed, so it was very important, “said Suga.

The agreement covered agriculture, agricultural tariffs and digital trade, US Trade Representative Robert Lighthizer said. Tariffs on vehicles would stay unchanged.

Mr Trump said Japan decided to purchase surplus US maize as a consequence of the Washington-Beijing tariff conflict. Mr Abe referred to a prospective maize buy and said the private industry would handle it.

“It’s a very large deal, and we decided in principle. It’s trillions and trillions of bucks. Tremendous for the peasants,” Mr Trump informed journalists about the agreement during a joint announcement with Mr. Abe at the Seven Group conference in France.