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Japan America Trade Agreement

by admin on September 24th, 2021

Under President Trump`s leadership, the United States and Japan agreed on the early outcomes of negotiations on market access for selected agricultural and industrial products as well as digital trade. The United States looks forward to continuing negotiations with Japan for a comprehensive agreement on the remaining tariff and non-tariff barriers and to achieving fairer and more balanced trade. On October 7, 2019, USTR Robert Lighthizer and Japanese Ambassador to the United States Shinsuke J. Sugiyama signed the U.S.-Japan Trade Agreement and the U.S.-Japan Digital Trade Agreement. Following the national procedures, these two agreements entered into force on 1 January 2020. As in the joint statement of the United States and Japan of 25 Announced on 27 September 2019, the United States and Japan intend to conclude the consultations within 4 months of the entry into force of the Trade Agreement between the United States and Japan, and then to begin negotiations on tariffs and other trade restrictions – trade barriers for services and investment, and other issues aimed at promoting mutually beneficial, fair and reciprocal trade. 10. U.S.-Japan Trade Agreement, Annex I: Japan`s Tariffs and Customs Provisions, I-B-5-1; ustr.gov/sites/default/files/files/agreements/japan/Annex_I_Tariffs_and_Tariff-Related_Provisions_of_Japan.pdf. Japan has sought ratification by blaming the agreements on its bicameral parliament, the national parliament. On 19 November 2019, the lower house of the Chamber of Deputies, the House of Representatives, voted on both agreements.

On 4 December 2019, Parliament formally approved the agreements after adoption by the House of Lords, the House of Lords of the Council. Since congressional approval in the United States is not required, President Trump signed the agreements himself on December 26, 2019. Both agreements entered into force on 1 January 2020. As part of the government`s broader trade agenda, President Trump has long been critical of the trade imbalance between the United States and Japan, the world`s largest and third-largest economies, respectively. In order to reduce the U.S. trade deficit of $56.7 billion3, President Trump and Japanese Prime Minister Shinzo Abe jointly announced their intention to begin negotiations for a U.S.-Japan trade deal in 20184.4 These negotiations began in April 2019.5 As described in EY Global Tax Alert, USTR grants Lists 1:2 and 3 new exclusions for products originating in China; The United States and Japan agree on merchandise trade and digital trade, President Trump and Prime Minister Abe announced the trade agreement at the United Nations General Assembly in New York on September 25, 2019.6 9. . . .

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