White House unveils goals for Japan trade talks
WASHINGTON (Reuters) - The White House on Friday laid out objectives for trade talks with Japan, setting the clock for them to begin as early as Jan. 20, as the administration seeks to slash the United States' $69 billion trade deficit with the world's third-biggest economy. According to the document, the United States is aiming to secure duty-free market access for American industrial products and reduce or eliminate tariffs for U.S.
WASHINGTON (Reuters) - The White House on Friday laid out objectives for trade talks with Japan, setting the clock for them to begin as early as Jan. 20, as the administration seeks to slash the United States' $69 billion trade deficit with the world's third-biggest economy.
According to the document, the United States is aiming to secure duty-free market access for American industrial products and reduce or eliminate tariffs for U.S. agricultural goods. It may want to negotiate the deal in stages.
Washington is also seeking more equitable trade in the motor vehicle sector and will try to "ensure that Japan avoids manipulating exchange rates in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage," the document said.
October comments by U.S. Treasury Secretary Steven Mnuchin alluding to such a provision sparked concern in Japan that it might give Washington the right to label as currency manipulation any future foreign exchange market interventions by Tokyo.
At a hearing this month on U.S. negotiating objectives for the trade talks, the United Auto Workers union called on the Trump administration to demand strict quotas on Japanese vehicles and parts, with any increases based on the growth of U.S. automotive exports to Japan.
In a statement, Democratic Senator Ron Wyden said he supported opening markets for U.S. goods, but criticized the objectives, saying they lacked detail and contained a "completely inadequate" approach to trade enforcement.
U.S. President Donald Trump has roiled international markets by embroiling China in a trade war, forcing Canada and Mexico to revamp the North American Free Trade Agreement, and pulling the United States out of the Trans-Pacific Partnership early last year.
(Reporting by Alexandra Alper; Editing by James Dalgleish)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.