Japan's lower house of parliament approved on Tuesday a limited trade deal ...
TOKYO - Japan’s lower house of parliament approved on Tuesday a limited trade deal Prime Minister Shinzo Abe agreed with the United States, clearing the way for tariff cuts next year on items including U.S. farm goods and Japanese machine tools.
Japan and the United States last month formally signed the limited trade deal to cut tariffs on U.S. farm goods, Japanese machine tools and other products while staving off the threat of higher U.S. car duties. Japan has estimated the initial deal will boost its economy by about 0.8% over the next 10-20 years, when the benefits fully kick in. It also estimated 212.8 billion yen of overall tariffs on Japan’s exports to the United States will be reduced.
After the deal is ratified, Japan and the United States have four months to consult on further talks, and Trump has said he wants more trade talks with Japan after the initial deal. A U.S. document only said customs duties on autos and auto parts “will be subject to further negotiations with respect to the elimination of customs duties”.
FILE PHOTO: A worker adjusts the U.S. flag before Japanese Prime Minister Shinzo Abe addresses media following a meeting with President-elect Donald Trump in Manhattan, New York, U.S., November 17, 2016. REUTERS/Andrew Kelly
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