United States Japan Trade Agreement

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Nevertheless, the agreement could be reviewed on other fronts. The World Trade Organization (WTO) only allows bilateral trade agreements that cover “essentially” the whole of trade, a somewhat vague rule that the agreement does not respect. The logic behind this requirement is that it allows countries to liberalize trade through bilateral agreements without violating the WTO`s most advanced principle. Nearly three years after his presidency, Trump had only concluded another trade deal that came into effect – a small renegotiation of the free trade agreement between the United States and Korea. Its negotiators also agreed on a new North American Free Trade Agreement (NAFTA), which must be passed by both the Senate and the Democratic-controlled House of Representatives. 2. ustr.gov/about-us/policy-offices/press-office/press-releases/2019/december/ambassador-lighthizer-lauds-japan#. Some experts, however, pointed out that the TPP had removed more barriers to trade with Japan. Senator Tom Carper (D-DE) called the new agreement “TPP-light-very-very light” and his colleague on the Senate Finance Committee John Cornyn (R-TX) agreed that he too would prefer the TPP. Critics have pointed out the failures of the new agreement: American rice and some milk exports to Japan, in particular, will continue to face trade barriers, as will automobiles.

Japanese automakers account for 40 percent of all vehicles sold in the U.S., and U.S. officials have appeased Japanese negotiators who fear trumped tariffs on Japanese cars by promising that they “refrain from taking action against the spirit of the deal.” Japan is the United States` fourth largest merchandise trading partner, with the two countries trading $217.6 billion in merchandise in 2018. In addition, U.S. agricultural exports to Japan totaled $13 billion in 2018, making Japan the third largest agricultural export market and underscores Japan`s importance to U.S. farmers. 6. EY Global Tax Alert, USTR grants new exclusions for lists 1, 2 and 3 for products originating in China; The United States and Japan agree on merchandise trade and digital trade from September 27, 2019. U.S. President Donald J. Trump and Japanese Prime Minister Shinzo Abe recently announced a limited agreement to reduce tariffs and other trade barriers between their countries.

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