12/27/2018, 8:01 PM (Source: TeleTrader)
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US, Japan confirm start of trade negotiations

United States and Japanese trade representatives confirmed plans on Thursday to initiate trade talks early next year, pointing out the negotiations would start with goods, the Nikkei Asian Review reported. Japan's Economic and Fiscal Policy Minister Toshimitsu Motegi and US Trade Representative Robert Lighthizer confirmed the talks in a phone conversation, the report said.

The two negotiators reached an agreement after an initial earlier divide what the talks should focus on. Tokyo insisted starting with tariffs imposed on goods. On the other hand, Washington wanted to shift the attention to services, particularly telecommunications, finance, and pharmaceuticals.

The two countries agreed on the start of trade negotiations setting a "US-Japan Trade Agreement" as their final goal. As long as the talks take place, existing 25% car tariffs will be suspended.

Breaking the News / SS