US-Japan Trade Agreement Makes Progress, Expected to be Implemented in January 2020
The limited trade deal will ensure increased imports of US farm products by Japan and in return, US is expected to cut tariffs on imports of
US Trade Representative Robert Lighthizer confirmed on Wednesday that President Trump would be signing an implementing proclamation regarding the limited trade deal between the US and Japan. Lighthizer also lauded Japan for getting this trade agreement passed through its legislation.
The limited trade deal will ensure increased imports of US farm products by Japan and in return, US is expected to cut tariffs on imports of industrial products from Japan. The limited US-Japan Trade Agreement as well as a US-Japan Digital Trade Agreement are expected to be implemented by January 1, 2020.
Once the limited trade deal comes into effect, the focus of trade negotiations is likely to shift towards the issue of tariffs on cars and auto parts imported from Japan. Auto imports are one of the biggest contributor to the wide trade deficit in the relationship between the two nations.
Lighthizer also commented that the US and Japan are expected to start discussing this issue in early 2020, as they progress towards a trade agreement with a wider scope.
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