[CTC] Trump, Abe agree to 'accelerate engagement on trade'

[Arthur Stamoulis]

INSIDE US TRADE
Trump, Abe agree to 'accelerate engagement on trade'

November 06, 2017 
President Trump and Japanese Prime Minister Shinzo Abe have agreed to “accelerate engagement on trade,” the White House said following the first day of meetings between the two in Japan.

The readout <https://insidetrade.com/sites/insidetrade.com/files/documents/nov2017/Trump-Abe.pdf> followed remarks by Trump to business leaders from both countries about the size of the U.S. trade deficit with Japan and the president's belief that more U.S. cars should be sold in Japan – and more Japanese cars should be built in the U.S.

“So we'll have to negotiate that out, and we'll do it in a very friendly way, and I know it's going to be a successful negotiation,” Trump said.

In that speech, Trump called on Japanese automakers to “try building your cars in the United States instead of shipping them over. Is that possible to ask? That's not rude. Is that rude? I don't think so.”

Trump also pushed Japan to buy more American military equipment.

In a joint press conference, Abe said “The importance of strengthening bilateral economic trade and investment relations was confirmed,” and said the two would go “deeper into our dialogue. We agreed that we will continue our discussion in order to invigorate more the bilateral trade and investment, and enhance our cooperation in areas of law enforcement, energy, infrastructure, among others.”

“I, together with President Trump, shall work not only in the field of bilateral trade, but also lead in the high-standard rulemaking in trade and investment broadly in the Asia Pacific region,” Abe said. “I am determined to see to it so that both Japan and U.S. strongly lead the regional and, eventually, the global economic growth by our cumulative efforts in creating fair and effective economic order in this region.”

The readout from the White House noted the establishment of the U.S.-Japan Economic Dialogue between Vice President Pence and Deputy Prime Minister Aso earlier this year and said Trump and Abe “discussed promoting balanced trade, including across the Indo-Pacific, by taking additional steps bilaterally” to advance the dialogue.

“Building on outcomes already achieved under the United States-Japan Economic Dialogue, President Trump recognized further steps taken by Japan in the areas of automotive standards and governmental financial incentives for motor vehicles, as well as efforts to strengthen the transparency of deliberations affecting the life sciences industry, as signs of continuing progress on bilateral trade issues,” the White House said. “President Trump and Prime Minister Abe decided to accelerate engagement on trade in ways that expand the potential of the bilateral trade relationship.”

Trump also took note during his meeting with Abe of increasing Japanese investment in the U.S., the readout said, listing new Japanese business investments like automotive parts maker Denso's announcement of a $1 billion augmentation of its Tennessee facility.

Trump lauded Denso during his speech as well, but said “we have to do more. The United States has suffered massive trade deficits with Japan for many, many years. Almost $70 billion annually. Seventy billion. Many millions of cars are sold by Japan into the United States, whereas virtually no cars go from the United States into Japan, and our car industry is doing very well and our product is fantastic.”

The White House also claimed progress on energy, noting Trump and Abe launched the “Japan-United States Strategic Energy Partnership” within the framework of the economic dialogue. “The United States and Japan believe open, competitive energy markets are the best way to ensure secure, reliable, and resilient energy supplies,” the readout says. “They plan to cooperate on fostering the development and use of advanced energy technologies, encouraging an efficient, transparent global natural gas market, and promoting the development and integration of energy-related infrastructure. On November 6, the U.S. Trade and Development Agency signed a memorandum of cooperation to enhance collaboration with the Ministry of Economy, Trade, and Industry to build the capacity of third countries’ to select high quality energy infrastructure solutions.”


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