Japan, U.S. reach framework trade pact, no U.S. concessions seen - Nikkei
The United States and Japan have reached the broad framework of a trade agreement, Japan’s Nikkei business daily said on Saturday, with Tokyo making concessions on its agriculture but none immediately apparent from Washington on automobiles, Trend reports citing Reuters.
U.S. Trade Representative Robert Lighthizer and Economy Minister Toshimitsu Motegi reached the deal in Washington on Friday, with Tokyo cutting tariffs on U.S. beef but Washington maintaining tariffs on Japanese autos, Nikkei said.
The newspaper did not cite any sources for its information.
The results of the Lighthizer-Motegi talks will be announced at a meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe expected on Sunday on the sidelines of the Group of Seven summit in Biarritz, France, the Nikkei said.
The report came shortly after Motegi told reporters in Washington that he and Lighthizer had made “big progress”.
Motegi said the three-day talks that ended on Friday would probably be the last ministerial-level discussions and working-level officials would continue to hammer out on details.
Japan will cut its tariffs on U.S. beef and pork to the levels applied to members of the Trans-Pacific Partnership (TPP) agreement, the Nikkei said. Trump pulled America out of the TPP, which had been championed by his predecessor, Barack Obama.
The United States will not cut the 2.5% tariff it applies on Japanese autos for now but separate talks on those would continue, the Nikkei reported. It said Washington was “moving in the direction” of scrapping tariffs on some of the 400 types of Japanese car parts that Tokyo is seeking.
Trump and Abe may sign the pact in late September if they can reach a final deal, the Nikkei said. They were expected to meet then on the sidelines of the United Nations General Assembly.