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Bloomberg

 Japan’s top government spokesman denied on Monday that Tokyo made too many concessions in trade talks with the United States, saying the fact the two countries were able to reach a broad agreement was “very valuable.”
The United States and Japan agreed in principle on Sunday to core elements of a trade deal that US President Donald Trump and Prime Minister Shinzo Abe said they hoped to sign in New York next month.
The agreement, if finalised, would cool a trade dispute between the two allies just as a trade war between the US and China escalates, but some Japanese commentators say Tokyo gave up too much.
At a news conference in Tokyo, chief cabinet secretary Yoshihide Suga was asked if the US had dropped its threat to impose additional tariffs on Japanese automobiles.
The spoils of trade war: Asia’s winners and losers in US-China clash
“Negotiations are still under way so I’d like to refrain from commenting,” Suga told reporters.
“But I believe that won’t be the case,” he added, because the two countries’ leaders had confirmed, including at a summit in September, that Washington would not impose higher tariffs on auto and auto parts while trade talks were under way.
“Japan and the US have negotiated based on the joint statement last September. And related ministers agreed based on that, so it was very valuable.”
 The US and Japan agreed in principle on a trade deal under which Tokyo would slash tariffs on American beef, pork and other agricultural products, while delaying for now the threat of additional levies on Japanese auto exports to the US.
In announcing the deal, Trump also said Japan would purchase large quantities of US wheat and corn.
“If you say ‘win-win,’ it’s a capital letter ‘Win’ for the US and a small-letter ‘win’ for Japan,” said Ichiro Fujisaki, a former Japanese ambassador to the US. “In Japan’s case, a small win plus non-negative assurance that no unilateral measures will be taken by the US, like on limiting car importations or some relations with security issues.”
If you say ‘win-win,’ it’s a capital letter ‘Win’ for the US and a small-letter ‘win’ for Japan
Ichiro Fujisaki, former Japanese ambassador
Spooked by Trump’s threats of punitive tariffs on Japanese auto exports, Abe agreed last September to start bilateral trade talks with the US.
Trump has in turn come under pressure from US farmers, reeling from the trade war with China, who have also been hobbled by a tariff disadvantage in the Japanese market compared with competitors from signatories of the Trans-Pacific Partnership (TPP) regional trade deal he rejected.
“We’ve agreed in principle,” Trump said. “We’ve agreed to every point.”
He also referred to a “massive” purchase of wheat and a “very, very large order of corn” that he said would happen quickly. Trump said there would be no change to US tariffs on Japanese cars.
The countries have reached consensus on “core elements” and were aiming to sign a deal during United Nations meetings next month, Abe said. The prime minister said that agricultural product purchases were a possibility, adding that crop pests had resulted in the need for “emergency support” to enable the private sector buy American corn.




“If we are to see the entry into force of this trade agreement, I’m quite sure that there will be the immense positive impact on both the Japanese as well as American economies,” Abe said.
While the proposed deal may provide Trump with a fillip as he heads into his re-election campaign facing rising tensions with China, it remains to be seen how it will be received in Japan. Some officials in Tokyo have said the country shouldn’t give up its leverage over US farmers without substantial concessions, and Japanese trade agreements generally require parliament approval.
“As I expected, Japan gave ground on agriculture and did not win anything on autos,” former Japanese prime minister Yukio Hatoyama, an opponent of Abe’s long-ruling Liberal Democratic Party, said on Twitter. “This kind of obsequious diplomacy makes Abe happy, and hurts the people.”
Japanese media reported earlier that the US and Japan had agreed to an outline deal that would lower tariffs on US beef to levels offered to members of the TPP. Japan and the US agreed last year this would be the maximum possible level.
Japanese carmakers can’t shake off fears of Trump’s tariff threats
Junichi Sugawara, a senior research officer for Mizuho Research Institute, said it was difficult to evaluate the agreement without an explanation on how it affects the US threat to levy additional auto tariffs on Japan.
“Without knowing that, it’s too early to say whether this will be a good agreement for Japan,” Sugawara said.
US Trade Representative Robert Lighthizer said the proposed deal would open markets to US$7 billion of American products including ethanol, as well as beef, pork, dairy products and wine. He said tariffs on some Japanese industrial products would be reduced, but that these wouldn’t include cars. The proposed agreement also includes a clause on e-commerce, he said.
Additional reporting by Reuters


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US and Japan agreed in principle on a trade deal under which Tokyo would slash tariffs on American beef, pork and other agricultural products
Some officials in Tokyo have said the country should not give up its leverage over US farmers without substantial concessions



The US and Japan agreed in principle on a trade deal under which Tokyo would slash tariffs on American beef, pork and other agricultural products, while delaying threat of additional levies on Japanese auto exports to the US.


United States

Shinzo Abe

Donald Trump

Trade

Japan insists it did not give up too much in US trade deal but experts say Washington is bigger winner

US and Japan agreed in principle on a trade deal under which Tokyo would slash tariffs on American beef, pork and other agricultural products Some officials in Tokyo have said the country should not give up its leverage over US farmers without substantial concessions

US and Japan agreed in principle on a trade deal under which Tokyo would slash tariffs on American beef, pork and other agricultural products

Some officials in Tokyo have said the country should not give up its leverage over US farmers without substantial concessions