U.S.-Japan trade deal hits last-minute setback on auto tariffs

24.09.2019 - Korneychuk Evgeniya
U.S.-Japan trade deal hits last-minute setback on auto tariffs

A U.S.-Japan trade deal hit a last-minute setback as Tokyo officials sought assurances that the Trump administration will not impose national security tariffs on Japanese-built cars and auto parts, sources familiar with the talks said on Monday.

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe have been aiming to sign a trade deal at a meeting during the U.N. General Assembly in New York that would provide Japan increased access to U.S. agricultural goods and bilateral cuts in industrial goods tariffs.

Though the limited trade deal is not expected to include changes to tariffs and trade rules governing autos which is the most significant source of the $67 Billion U.S. trade deficit with Japan.

Trump has refrained thus far from following through to impose tariffs of up to 25% on Japanese and European auto imports, citing ongoing trade negotiations with these partners.

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