Last week, President Trump and his counterpart Prime Minister Abe of Japan reached a trade deal to cut tariffs and increase trade between the two nations.
Part of the deal includes Japan agreeing to reduce or cancel tariffs on American agricultural exports such as beef, corn, pork and fruit – with the US agreeing to reduce tariffs on bicycles, flowers, tea and other industrial products.
At the same time, the agreement prohibits future tariffs on streaming videos, music and video games.
If you have any questions about how the new trade deal with Japan will impact your business, contact experienced trade attorney David Hsu at 832-896-6288 or by email at firstname.lastname@example.org, email@example.com.
According to Reuters, President Trump and Japanese Prime Minister Shinzo Abe met last Sunday at the G7 Summit – agreeing that the current duties on cars remain at 2.5% for passenger vehicles and 25% for pickup trucks from Tokyo. Previously, the US did threaten Japan with additional duties of 25% on auto exports to the US under the premise of national security.
U.S. President Donald Trump on Monday said the United States would not imminently impose new tariffs on autos imported from Japan as the largest and third-largest economies continue their trade negotiations. Japan would also agree to greater market access for US agricultural products such as beef and to increase purchases of US corn.
The Trump administration has postponed the levying of 10% tariffs on List 4 goods covering $300 billion in imports from China until December 15th. The initial date of September 1st was postponed after reports of a phone call with Beijing.
A new round of trade talks will be held in September after this month’s talks did not result in a trade deal.
There is still time to lower your import risk, if you would like solutions to lowering the duties you need to pay, contact experienced trade attorney David Hsu at 832-896-6288 or by email at firstname.lastname@example.org, email@example.com.
This past Thursday, Presidential hopeful and former Vice-President Joe Biden announced he would renegotiate the Trans-Pacific Partnership (TPP) and would not rejoin the TPP as it was initially put forward.
The irony in Vice-President Biden’s statement is his boss was a strong advocate of TPP and tried to push the agreement through before the end of his presidency.
Joe’s main reason to negotiate the TPP is to change provisions that labor and environmental groups in the US worried would result in US jobs moving to lower-income countries such as Vietnam along with other developing countries in Southeast Asia.
According to CNBC, profits earned by China’s industrial firms fell 3.1% in June from a year earlier, according to the China’s National Bureau of Statistics.
The decrease in industrial profits is likely due to the US/China trade war and the increase in tariffs on Chinese imports. CNBC also states that economic growth in the second quarter slowed to a near 30-year low.
With the US and China set to meet on July 30th for the first time since May, both sides may be looking for an agreement to end the almost year-long trade war.