Japan, Trump and Trade Deal
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The preliminary agreement suggests there is a path forward to lowering the auto duties on other major trading partners, as well.
Wall Street climbed Wednesday after President Donald Trump reached a trade deal with Japan and hopes rose for more agreements by August 1.
The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.
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Tuko on MSNEU, Japan vow joint push for 'fair' global tradeThe EU and Japan pledged on Wednesday to work together on championing a "free and fair" trade global system, as US tariffs and disputes with China rattle their economies.Facing a swirl of speculation over his future following a weekend election debacle,
President Donald Trump announced new trade deals with Japan and the Philippines this week, bringing the total number of deals to five. However, several major trading partners still haven’t reached trade agreements with the U.S. ahead of the Aug. 1 deadlines.
Seoul will take a close look at the terms of a U.S.-Japan trade deal, South Korea's industry minister said on Wednesday, holding out the prospect of greater cooperation in the energy and industrial sectors ahead of key trade talks in Washington.
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Japan's embattled prime minister Shigeru Ishiba, fresh off a crushing defeat in upper house elections over the weekend, will not be in a position of strength to negotiate a favorable trade deal with the U.S., analysts said.
GBP/USD is having a tough time reclaiming 1.3500 on Tuesday as markets adopt a cautious stance. In the absence of high-tier data releases, investors refrain from taking large positions, while keeping an eye on Trump-Powell drama and US tariff talks.