Today: Sunday, 14 August 2022 year

Trump, Abe unite on North Korea, but not trade

Trump, Abe unite on North Korea, but not trade

The US President Trump and Japan’s prime minister Abe agree to intensify trade talks, while the leaders have reached an agreement on North Korea, Financial Times reported.

Last month the US President has imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminium imports, saying that the tariffs had brought many countries to the negotiating table and that he may remove them from Japanese imports if the two countries can come to a trade agreement. After such decision, Japanese stocks rallied to a seven-week high, partly due to relief that American leader did not mention the value of the yen or criticise Japan’s monetary policy.

After two days of discussions mixed with one round of golf the US president and Japanese prime minister presented a united front on how to deal with North Korea. The meeting of two leaders took place at Donald Trump’s Mar-a-Lago resort, but Trump and Abe failed to come to a formal agreement on trade. This issue has dogged the two nations in recent weeks, and the countries should intensify efforts on trade discussions.

“We’re committed to pursuing a bilateral trading relationship that benefits both of our great countries,”

Donald Trump said.

Japan has previously voiced reluctance to a bilateral trade deal with the US.

Mr Trump also made clear that he has little interest in rejoining negotiations over the Trans-Pacific Partnership (TPP) trade deal unless the terms are dramatically altered. Hot Tuesday’s tweet surprised many experts:

“While Japan and South Korea would like us to go back into TPP, I don’t like the deal for the United States. Too many contingencies and no way to get out if it doesn’t work. Bilateral deals are far more efficient, profitable and better for OUR workers,”

POTUS wrote.

Jaan’s PM expressed his support for talks between Mr Trump and Mr Kim, which both the Abe and Trump said should focus on the complete de-nuclearisation of North Korea.