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Today in Tokyo, the European Union and Japan are signing the largest trade deal in either’s history, eliminating nearly all tariffs. Donald Trump, unwittingly, helped spur things along.
Negotiations between the EU and Japan started in 2012, then stalled. But Trump’s election victory and protectionist policies gave the two sides the motivation they needed to overcome their differences. They agreed to the outlines of the deal last summer, and largely finished the negotiations in December. Today’s signing, while mostly ceremonial, is also a rejection of Trump’s protectionism.
According to the European Commission, the economic partnership agreement, as it’s called, will create a trade zone covering 600 million people and nearly a third of global GDP.
While I disagree with Trump's approach on dealing with the unfair trade issue, the deal between the EU and Japan started long before Trump, it actually started under Obama. The article just put a spin on it trying to link it to Trump, when in reality it has nothing to do with him. This deal would have been signed even with Hillary in office, or if Trump did nothing on trade.
This deal is the opposite of Trump is doing. TPP would have removed 90% of tariffs, but of course Trump opposed that too.
When Europe gets Japanese cars tariff-free, it pretty much eliminates the demand for US made cars in EU.
Quote:
Last year it estimated the deal would boost EU exports to Japan by 180% for processed foods, 22% for chemicals, and 16% for electrical machinery. It noted the bloc’s exports to Japan, its second-largest export market in Asia, amount to €86 billion ($100.9 billion), with 600,000 jobs tied to them and 74,000 EU companies involved.
US food companies will no doubt be grinding their teeth at the treatment granted to European rivals in Japan, the world’s third-largest economy.
Meanwhile Europeans will enjoy lower prices on tea, seafood, and automobiles from Japan.
import tariffs are needed to level the playing fields
TPP would have leveled the field between US and Asia, but now it seems EU and Japan found another field with no tariffs, and we are left playing alone on our field.
TPP would have leveled the field between US and Asia, but now it seems EU and Japan found another field with no tariffs, and we are left playing alone on our field.
Both parties (EU and Japan) have to do what they have to do in order to make profits. It is really that simple.
Nobody is dumb enough to say, "Oh, lookie lookie, We all hate Trump, so let's trade with each other, so we both lose money."
Yep, they make better profits when they agree to remove 99% of tariffs, while Trump is killing trade with his tariffs. More business between EU and Japan and less with US.
TPP would have leveled the field between US and Asia, but now it seems EU and Japan found another field with no tariffs, and we are left playing alone on our field.
TPP was/is one of the worst possible agreements out there, even worse than NAFTA/CAFTA/ etc... almost as bad as Obama's Iran deal... it proves that obozo was not up to the job of making deals
the elimination of tariffs is NOT the way to level playing fields.... not when there is such extremes in cost of living, taxes, and wage levels
Nafta (24.5 years ago) was supposed to level the playing fields of wages between USA and mexico ... did it work.... nope... mexico the median wage is like $80/week while the median hourly wage in the USA is 25/hr
we NEED the tariffs back that the globalist liberals eliminated
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