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The previous "community organizer" president's idea of a successful trade deal was to allow other countries free access to our country while they put up restrictions on us.
But there is one more hurdle: Japan will close the deal on condition that the U.S. promises not to use section 232 of its Trade Expansion Act to limit or impose further tariffs on imports of Japanese autos. https://asia.nikkei.com/Politics/Int...l-by-September
Bi-lateral trade deals just complicate doing business globally. Imagine managing your supply chain with 50, 100 different sets of rules and regulations! They put American businesses at a disadvantage in global commerce. The US will eventually come to its senses and get back in TPP or cede the Asian market to China.
It's not a deal. It is a deal " in principle" only. Trump has a long and storied history of reneging on his agreements. Time will tell if anything comes of this. As I said above, the US must eventually get back in TPP. Maybe we do it piecemeal like this agreement in principle.
Japan and the US are apparently ready to announce a trade deal this weekend at the G7 meeting, which both President Trump and Japanese Prime Minster Abe will be attending. According to Japan's lead trade negotiator, Toshimitsu Motegi, the two leaders are expected to endorse the deal this weekend and the final deal should be finalized in September, which begins a week from tomorrow.
From the Japan Times:
So the trade noose continues to tighten along the Chinese periphery.
Well done, President Trump.
I was a little taken aback from this -- USA apparently ready to announce a trade deal.
Why has it taken so long. Trump and Abe get along fine...have no real conflict. Why has it taken almost three years to secure a deal?
I know I know -- who cares as long as they finally get one....but what makes you think it will be such a big win for the USA.
The new NAFTA really wasn't a huge change in what was there before. some protection on labor ....but nothing really to change trade with Canada or Mexico on any significant scale.
Bi-lateral trade deals just complicate doing business globally. Imagine managing your supply chain with 50, 100 different sets of rules and regulations! They put American businesses at a disadvantage in global commerce. The US will eventually come to its senses and get back in TPP or cede the Asian market to China.
Wrong. Once you get into a multi-lateral deal with more that just a few participants, they are almost impossible to update or change. Bilateral deals can be renegotiated reasonably easily whenever they need to be. And they invariably do need to be, at least once a decade at a minimum, and in many cases more often than that.
This is one of the main reasons that the globalist establishment is so in love with large multi-national trade deals and institutions. It is because it locks us in with no realistic way to adapt. This has been what has allowed an abuser of the system like China to thrive the way that it has.
But with bilateral agreements, you just tell your partner that times have changed and this agreement needs to be updated to reflect that. If you have a responsible, reasonable partner, as we do with Japan and the UK, then it is not only initially doable, but updateable and sustainable over time, as times change, which they always do.
It is too bad that China does not have this level of maturity. If they did, we would have a mutually agreeable trade agreement pretty quickly.
Wrong. Once you get into a multi-lateral deal with more that just a few participants, they are almost impossible to update or change. Bilateral deals can be renegotiated reasonably easily whenever they need to be. And they invariably do need to be, at least once a decade at a minimum, and in many cases more often than that.
This is one of the main reasons that the globalist establishment is so in love with large multi-national trade deals and institutions. It is because it locks us in with no realistic way to adapt. This has been what has allowed an abuser of the system like China to thrive the way that it has.
But with bilateral agreements, you just tell your partner that times have changed and this agreement needs to be updated to reflect that. If you have a responsible, reasonable partner, as we do with Japan and the UK, then it is not only initially doable, but updateable and sustainable over time, as times change, which they always do.
It is too bad that China does not have this level of maturity. If they did, we would have a mutually agreeable trade agreement pretty quickly.
Wrong. Your points may have had merit back in the 1950s, but globalism is a reality that you just need to come to grips with. Today's cars have parts from what, 40 countries. Bl-lateralism in trade is a vestige of long-gone era.
One of the best aspects of both this deal and also the one that we are about to agree to with the UK is that they are bilateral agreements. This alone is cause for celebration.
President Donald Trump and Prime Minister Shinzo Abe today announced that Japan and the US have agreed in principal on a bilateral trade deal. They are hoping to have the final documents ready for a formal signing in September when President Trump and Prime Minister Abe attend the UN General Assembly meetings in New York City.
Quote:
U.S. and Japan strike trade deal ‘in principle’ Trump and Abe announced the agreement at the G-7 summit in France, with hopes for a formal signing in September alongside U.N. General Assembly meetings.
U.S. Trade Representative Robert Lighthizer said the preliminary agreement is three-fold, addressing industrial tariffs, agriculture and digital trade. It does not eliminate 2.5 percent tariffs on Japanese vehicles or major auto parts, he said. Japan has repeatedly asked the Trump administration to lift the tariffs in previous negotiations.
Japan is also expected to purchase substantial amounts of a U.S. corn surplus, a part of the deal that Lighthizer described as “extremely important to our farmers and ranchers.”
“We have excess corn in various parts of our country ... and Prime Minister Abe on behalf of Japan they’re going to be buying all of that corn,” Trump added.
Last edited by Spartacus713; 08-25-2019 at 01:54 PM..
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