December 31, 2019

U.S.-Japan Trade Deal Takes Effect With Second Round in Doubt
(Bloomberg) -- A trade deal between the U.S. and Japan that cuts tariffs on some agricultural products and industrial goods took effect Wednesday, with little indication the two sides would meet a pledge to soon start a new round of talks broadening the pact.Under the deal, Japan reduced tariffs on beef, pork and additional U.S. agricultural products to the same levels it grants other trading partners in the Trans-Pacific Partnership regional trade agreement. Japan failed to secure its goal of reduced tariffs on the cars and auto parts it exports to America.President Donald Trump had threatened the close U.S. ally with punitive tariffs on a $50 billion-a-year sector that is a cornerstone of its economy. While there has been no written pledge from Trump to halt extra tariffs on autos, Japan’s government has said U.S. officials -- including the president -- gave assurances that they would not be introduced. In one concession to Prime Minister Shinzo Abe, Japan’s politically sensitive rice industry was excluded from the agricultural market opening with the U.S.Trump was eager to make a deal with Japan to boost his re-election campaign by appeasing U.S. farmers who have been largely shut out of the Chinese market as a result of his trade war with Beijing. American agricultural producers, also reeling from bad weather and low commodity prices, are a core component of Trump’s political base.The U.S. and China agreed to the first phase of a broader trade agreement in December, but have yet to sign the deal that hinges on China increasing purchases of American farm goods such as soybeans and pork, and making new commitments on intellectual property, forced technology transfer and currency.Where U.S.-Japan Trade Talks Have Led and Are Going: QuickTakeFurther OpeningsThe U.S. and Japan said in a statement published when their initial deal was made in 2019 that they intended to agree to other areas for further trade openings within four months and start negotiations on issues including tariffs, trade in services and barriers to investment.But neither side seems up for a fresh battle on trade after Trump secured a deal he could trumpet to farmers. Japan could face threats on other fronts if it starts a fresh round and isn’t keen to sit down again with its second-biggest trade partner.“The second round of talks with Japan will be a low priority for the Trump administration,” said Junichi Sugawara, senior research officer at the Mizuho Research Institute. Trump was already struggling to reach agreements with China and the European Union as he heads into the November election. The U.S. is likely to demand a clause on currency manipulation, Sugawara said. While Japan says the two leaders have agreed to have their finance ministers discuss exchange rate matters, the issue was still likely to come up in a comprehensive agreement.The U.S. side is also showing interest in opening up Japan’s finance, services and investment markets and may press for more agricultural access. Even the threat of a 25% tariff on autos hasn’t necessarily disappeared, Sugawara said.To contact the reporters on this story: Isabel Reynolds in Tokyo at ireynolds1@bloomberg.net;Emi Nobuhiro in Tokyo at enobuhiro@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, Jon Herskovitz, Karen LeighFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Olivia, Sophia and Aurora Culpo on sharing clothes and their new fashion line | Page Six News
October 27, 2020
1rj8Oy1Q9iM
‘RHOC’ alum Vicki Gunvalson addresses Steve Lodge breakup rumors | Page Six Celebrity News
October 27, 2020
q2hWzuxekUw
Kanye West reacts to Jennifer Aniston saying not to vote for him | Page Six Celebrity News
October 27, 2020
9jg_X_6a-B8
Nicole Kidman & Hugh Grant on Becoming a 'Sexy' Couple for 'The Undoing'
October 26, 2020
VQz_8ZvaSb0
Aloe Blacc: Live from My Den
October 23, 2020
-ol2cCTBZeI
Tyler Perry on Producing During the Pandemic and Weighing In on Politics
October 23, 2020
GCtEmmdmAz0
"Vanderpump Rules" Star Scheana Shay Is Pregnant | E! News
October 28, 2020
0RJVbQ_KywM
Kelly Rowland Talks "Brown Skin Girl" Video With Beyoncé | Daily Pop | E! News
October 28, 2020
EeTdr_FTOaA
Kathy Hilton Officially Joins "RHOBH" as a Friend | Daily Pop | E! News
October 28, 2020
a1jNe-rqPOE
Chris Harrison Gave Dodgers Advance Screening of New 'Bachelorette' Debut | TMZ
October 28, 2020
L7nXHbwf5PU
Bella Hadid Shaves Her Horses | TMZ TV
October 28, 2020
DEcavU9GD_8
The Rock Tastes His Own Blood After Gym Injury, Gets Stitches to Close Gash | TMZ TV
October 28, 2020
AS5QxRNANqc
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
28
Oct
ENGLAND: Championship
Rotherham - Sheffield Wednesday
28
Oct
ENGLAND: Championship
Bournemouth - Bristol City
28
Oct
ENGLAND: Championship
Preston NE - Millwall
28
Oct
ENGLAND: Championship
Derby County - Cardiff City
28
Oct
ENGLAND: Championship
Birmingham - Huddersfield
28
Oct
ENGLAND: Championship
Luton - Nottingham Forest
27
Oct
ENGLAND: Championship
Swansea City - Stoke City
27
Oct
ENGLAND: Championship
Wycombe Wanderers - Watford
27
Oct
ENGLAND: Championship
Middlesbrough - Coventry
27
Oct
ENGLAND: Championship
Blackburn - Reading
27
Oct
ENGLAND: Championship
Brentford - Norwich City
27
Oct
ENGLAND: Championship
Barnsley - QPR
26
Oct
ITALY: Serie A
AC Milan - Roma
26
Oct
ENGLAND: Premier League
Burnley - Tottenham Hotspur
26
Oct
ENGLAND: Premier League
Brighton - West Bromwich Albion
26
Oct
GERMANY: Bundesliga
Bayer Leverkusen - Augsburg
26
Oct
SPAIN: La Liga
Levante - Celta Vigo
25
Oct
ENGLAND: Premier League
Arsenal - Leicester City
25
Oct
ITALY: Serie A
Juventus - Verona
25
Oct
ITALY: Serie A
Benevento - Napoli
25
Oct
SPAIN: La Liga
Real Sociedad - Huesca
25
Oct
SPAIN: La Liga
Getafe - Granada CF
24
Oct
ENGLAND: Premier League
Manchester United - Chelsea
24
Oct
SPAIN: La Liga
Barcelona - Real Madrid
24
Oct
GERMANY: Bundesliga
Borussia Dortmund - Schalke
24
Oct
GERMANY: Bundesliga
Bayern Munich - Eintracht Frankfurt
24
Oct
ENGLAND: Premier League
Liverpool - Sheffield United
24
Oct
SPAIN: La Liga
Atletico Madrid - Real Betis
24
Oct
ENGLAND: Premier League
West Ham United - Manchester City
24
Oct
ITALY: Serie A
Genoa - Inter Milan
21
Oct
CHAMPIONS LEAGUE: Group stage, Group A
Bayern Munich - Atletico Madrid
21
Oct
CHAMPIONS LEAGUE: Group stage, Group B
Inter Milan - Borussia Monchengladbach
21
Oct
CHAMPIONS LEAGUE: Group stage, Group D
Ajax - Liverpool
20
Oct
CHAMPIONS LEAGUE: Group stage, Group H
PSG - Manchester United
20
Oct
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Ferencvaros
18
Oct
ITALY: Serie A
Roma - Benevento
18
Oct
ENGLAND: Premier League
Tottenham Hotspur - West Ham United
17
Oct
GERMANY: Bundesliga
Arminia Bielefeld - Bayern Munich
17
Oct
ENGLAND: Premier League
Newcastle United - Manchester United
17
Oct
SPAIN: La Liga
Getafe - Barcelona
17
Oct
ITALY: Serie A
Crotone - Juventus
17
Oct
SPAIN: La Liga
Real Madrid - Cadiz
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.