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4/17, 5:03 AM (Source: TeleTrader)
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US, Japan conclude first round of trade talks

Japan's Economic and Fiscal Policy Minister Toshimitsu Motegi (pictured) and United States Trade Representative Robert Lighthizer have concluded the first round of talks between the two countries, according to media reports and a statement by the USTR's office.

The pair discussed trade issues involving goods, including agriculture, in addition to the need to establish high standards in the area of digital trade. They also touched on the US trade deficit with Japan, which amounted to $67.6 billion in goods last year. Speaking to reporters after the meeting, Motegi said that no individual agreements were reached but that the two countries were ready to start negotiations on issues such as cars and agricultural goods and that they both want "to produce good results quickly." The two officials affirmed that they would meet again in the future to continue the talks.

Japan and the US initiated the trade talks with the aim of signing a "United States-Japan trade agreement." The two countries also agreed that the existing tariffs of 25% on cars would be suspended for the duration of the talks. Japanese Prime Minister Shinzo Abe is set to visit the US at the end of the month to meet US President Donald Trump and discuss a host of matters, including, among others, their bilateral trade agreements.

Breaking the News / DZ