U.S. President Donald Trump has said Washington and Tokyo have reached an initia...
TOKYO - U.S. President Donald Trump has said Washington and Tokyo have reached an initial trade deal that he and Japanese Prime Minister Shinzo Abe are expected to sign in New York later this month.
Japanese officials from Abe on down have said that under a September 2018 agreement, the United States would not impose added auto tariffs while trade talks were under way. That would allow Trump to please U.S. farmers ahead of next year’s presidential election. The farmers had been disadvantaged in Japan’s market after the United States withdrew from TPP after Trump took office in 2017. It would also let Abe keep a pledge to domestic producers.
However, Japanese officials said the country’s total feed corn imports wouldn’t increase under the deal, which simply front-loads three months’ worth of roughly 2.75 million tons of imports. Private companies have the final say in how much feed corn they import.Japan has agreed to phase out tariffs on U.S. wine imports over five to seven years, about the same as the eight-year TPP time-frame, media said, potentially cutting the cost of U.S. wine by about 13% for wine distributors.
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