U.S. President Trump and Japanese Prime Minister Shinzo Abe said they have agreed to intensify trade consultations between the two longtime allies, with an aim to expand investment and trade between their countries.
President Donald Trump on Wednesday said that terminating the North American Free Trade Agreement would result in the “best deal” to revamp the 24-year-old trade pact with Canada & Mexico in favor of U.S. interests.
Japan might increase the amount of agriculture trade conducted with the U.S. through potential trade deal that was announced by President Trump following a meeting with Japanese Prime Minister Shinzo Abe.
U.S. President Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Obama.
Chinese state media on Monday praised a significant dialing back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.
U.S. beef has full access into the Japanese market for the first time in 16 years, but it is still not at a level playing field compared to countries who remained in the Trans-Pacific Partnership (TPP) trade agreement.
Throughout U.S. farm country tariffs on steel and aluminum imports are boosting costs for equipment and infrastructure and causing some farmers and agricultural firms to scrap purchases and expansion plans.
Beef producing countries like Australia, Canada, New Zealand and Mexico are gaining greater access into Japan thanks to lowered tariffs, giving those exporters a significant advantage over U.S. beef producers.