Sunday, 26 January 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Trump Says US Reaches Trade Deals with Japan, No Vote Needed
Wednesday, 18 September 2019 10:44 WIB | GLOBAL |Global

U.S. President Donald Trump said on Monday that the United States has reached initial trade agreements with Japan on tariff barriers and digital trade that will not require congressional approval.

In a letter to the U.S. Congress released by the White House, Trump said that he intends to enter into the agreements "in the coming weeks" and was notifying lawmakers that the tariff deal would be made under a trade law provision allowing the U.S. president to make reciprocal tariff reductions by proclamation.

"In addition, I also will be entering into an Executive Agreement with Japan regarding digital trade," Trump said in the letter.

A spokesman for U.S. Trade Representative Robert Lighthizer could not immediately be reached for comment on the letter and the trade deals.

Neither agreement would require a vote in Congress under the so-called "fast track" approval process. The Trump administration last year notified Congress that it would pursue negotiations with Japan under this method.

But over much of the past year, the scope of talks have narrowed to exclude the automotive sector, which is the source of most of the $67 billion U.S. trade deficit with Japan.

Instead, Trump and Japanese Prime Minister Shinzo Abe in August announced an agreement in principle of a deal that covered reductions in tariffs on agricultural and industrial goods, but not autos.

The two leaders said at the G7 summit in France that they hoped to sign the agreement at this month's United Nations General Assembly in New York.

Trump's letter did not disclose any contents of the agreements, but Japan had previously said it was willing to consider a deal that would reduce agriculture tariffs to levels previously contemplated under the Trans-Pacific Partnership, a trade deal that Trump quit on his third day in office in 2017.

Trump's letter said that the United States would pursue further trade negotiations with Japan.

"My Administration looks forward to continued collaboration with the Congress on further negotiations with Japan to achieve a comprehensive trade agreement that results in more fair and reciprocal trade between the United States and Japan," Trump said.

U.S. technology industry officials say they expect the digital trade agreement with Japan to be closely aligned with provisions in the new U.S.-Mexico-Canada Agreement (USMCA), which follow the U.S. model for internet development.

The USMCA provisions aim to ensure the free flow of data across borders without taxation, prohibit data server localization requirements and limit governments' ability to require the disclosure of source code by the companies they regulate.

Announcement of the Japan agreement also left unclear whether Trump has agreed not to impose threatened national security tariffs on Japanese vehicles and auto parts. Avoiding the "Section 232" tariffs of up to 25% was a major motivating factor for Tokyo in negotiating with Washington on trade.

Trump said after the G7 summit last month that he was not considering auto tariffs "at this moment."

For Trump, the signing of even a partial trade deal with Japan centered largely on agriculture would provide some relief to U.S. farmers who have been battered by a 14-month U.S.-China trade war and lost market share.

Source : VOA

RELATED NEWS
More Airports Screening Passengers Amid China Virus Outbreak...
Friday, 24 January 2020 23:43 WIB

More airports are beginning to screen passengers arriving from China amid growing concerns Friday over the outbreak of a new virus there that has already killed more than two dozen people and sickened...

France Unveils Pension Reforms, Setting Up Part 2 in Battle With Unions...
Friday, 24 January 2020 19:45 WIB

After weeks of crippling transportation strikes, France™s government will formally unveil controversial pension reform legislation Friday. Which will test its ability to overcome powerful union dis...

Trump Administration Releases Rule Restricting 'Birth Tourism'...
Friday, 24 January 2020 11:43 WIB

As the Trump administration adds another hurdle to visitors coming to the U.S. from abroad, the limits of the law may restrict officials from stopping pregnant woman from obtaining visas. The new vis...

Virus-Related Tourism Ban Could Hurt North Korea's Economy...
Thursday, 23 January 2020 23:07 WIB

North Korea has temporarily banned foreign tourists in response to the outbreak of a dangerous new virus in neighboring China. Depending on how long the ban lasts, it could hurt North Korea's economy,...

Top Judge Elected as Greece's First Female President...
Thursday, 23 January 2020 17:41 WIB

Greece's lawmakers elected their country's first female president Wednesday, with an overwhelming majority voting in favor of high court judge Katerina Sakellaropoulou. Speaking after being formally ...

LATEST NEWS
Stocks end lower on worries over coronavirus outbreak

Stocks ended lower Friday, giving up early gains after authorities confirmed a second U.S. coronavirus case. The Dow Jones Industrial Average fell around 170 points, or 0.6%, to end near 28,990, according to preliminary figures, while the S&P...

Oil Drops The Most Since May on Fears Coronavirus Will Hit Growth

Oil posted its worst week since May as the coronavirus outbreak continues to pressure prices. A slowdown in China's economy would impact demand because China is the world's largest crude oil importer, after importing a record 10.12 million barrels...

Gold prices notch gains for the day and week as coronavirus fears intensify

Gold prices finish higher on Friday, ending at the highest settlement in about three weeks as a viral outbreak originating out of China continued to grow. February gold closed $6.50, or 0.4%, higher at $1,571.90 an ounce on Comex. The metal also...

POPULAR NEWS
Gold futures finish at their highest in more than 2 weeks
Friday, 24 January 2020 01:53 WIB

Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S....

Gold prices notch gains for the day and week as coronavirus fears intensify
Saturday, 25 January 2020 02:08 WIB

Gold prices finish higher on Friday, ending at the highest settlement in about three weeks as a viral outbreak originating out of China continued to...

Gold Dips on Profit-Taking, Rate Expectations Cap Losses
Thursday, 23 January 2020 19:30 WIB

Gold eased on Thursday as investors booked profits from recent rallies but held above the $1,550 technical support level on continuing low interest...

Hong Kong stocks flat after week of virus jitters
Friday, 24 January 2020 09:09 WIB

Hong Kong shares were flat in Friday's opening trade as the market stabilised following a week of investor nerves over China's coronavirus...