Japan dodges U.S. auto tariffs, for now, as Trump and Abe agree on trade talksThe Saigon Times Daily U.S. President Donald Trump shows a letter Trump said he received from North Korea's leader Kim Jong Un during a bilateral meeting with Japan's Prime Minister Shinzo Abe on the sidelines of the 73rd session of the United Nations General Assembly in New York, U.S., September 26, 2018 – PHOTO: REUTERS NEW YORK (REUTERS) - U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed on Wednesday to start trade talks in an arrangement that, for now, protects Japanese automakers from further tariffs, seen as a major threat to the export-dependent economy. The two countries said in a joint statement the talks "will respect positions of the other government", drawing lines on autos and Japan's agriculture sector. Trump has made clear he is unhappy with Japan's US$69 billion trade surplus with the United States - nearly two-thirds of it from auto exports - and wants … [Read more...] about Japan dodges U.S. auto tariffs, for now, as Trump and Abe agree on trade talks
Korea u s fta
TPP likely to help Vietnam enjoy steep tariff cuts in U.S. Ngoc Lan By Ngoc Lan - The Saigon Times Daily HANOI – When in place the Trans-Pacific Partnership (TPP) trade pact will help Vietnam save around US$1.1 billion from U.S. tariffs a year, said Luong Hoang Thai, head of the Multilateral Trade Policy Department under the Ministry of Industry and Trade. Last year Vietnam completed negotiations over four key free trade agreements (FTAs), Thai said at a review conference of the ministry in Hanoi last week, which was attended by Prime Minister Nguyen Tan Dung. Thai, a member of Vietnam’s negotiating teams, said the country could save only US$845 million in U.S. tariff cuts on Vietnamese export goods in the final stage of TPP negotiations. However, the Prime Minister ordered the negotiating team to seek more tariff incentives. Ultimately, the U.S. pledged to offer tariff incentives totaling US$1.1 billion for Vietnam, compared to US$1.7 billion in export tariffs imposed … [Read more...] about TPP likely to help Vietnam enjoy steep tariff cuts in U.S.
Vietnam exported nearly US$17 billion worth of apparel in the first nine months of this year, with the U.S. market accounting for almost half of it, according to the General Department of Customs. Data of the customs authority showed textile-garment exports to the U.S. reached US$8.33 billion in January-September, up 13.6% year-on-year. The growth was higher than the sector’s average increase of 10%. The U.S. market was followed by Japan and South Korea, which imported apparel products worth US$2.03 billion (up 6% year-on-year) and US$1.54 billion (up 0.6%) from Vietnam in the period respectively. Domestic apparel makers expect their exports would increase in the coming years as more free trade agreements (FTA) between Vietnam and foreign partners will come into force, especially the Trans-Pacific Partnership (TPP) trade pact. Tariff incentives offered by the TPP are expected to help Vietnamese enterprises step up shipments to the U.S. and Japan. Vietnam’s apparel is … [Read more...] about Half Vietnam’s apparel exports go to U.S.
Shipments to the United States reached 11.18 billion U.S. dollars over the period between March 15 and May 14, up 11.3 percent from the same period of last year, according to Korea Customs Service (KCS). The free trade deal was effective in March 15. Over the cited period, imports from the United States grew 2 percent to 7.73 billion dollars, sending the trade surplus with the United States to 3.45 billion dollars that accounted for around 80 percent of the total surplus of 4.4 billion dollars. The customs office said that the country's overall exports contracted over the cited period due to economic slowdown in China and Europe's debt crisis, but it noted that shipments to the United States showed a stable growth trend. By item, auto parts exports to the United States expanded 15 percent over the same period due to immediate elimination of tariffs for the products, while auto shipments jumped 31 percent helped by expectations for future growth despite the delayed cut in customs … [Read more...] about South Korean exports to U.S. jump 11.3% thanks to FTA
The Republic of Korea and the United States on Thursday had a war of words over U.S. beef that Korea rejected for containing bone fragments. During a meeting with reporters, Kim Jong-hoon, Korea's chief delegate for the ongoing negotiations for free trade agreement, said that the beef issue should not stand in the way of an agreement. "If anybody withdraws his support for an FTA, it will be him that will be the loser,'' Kim said, defending his government's decision not to allow U.S. beef with bones to be imported according to the two countries' agreement. … [Read more...] about Korea, US trade barbs over beef