Washington, DC - "The era of economic surrender is over. From now on, we expect trading relationships to be fair and to be reciprocal." ~ President Donald J. Trump
ADVANCING FAIR AND BALANCED TRADE: President Donald J. Trump is working towards a mutually-beneficial, fair, and reciprocal trade agreement with Japan.
- President Trump and Japan Prime Minister Shinzo Abe have agreed to enter into negotiations, following the completion of necessary domestic procedures, on a new United States–Japan Trade Agreement.
- This is an important first step towards achieving more balanced trade with Japan and addressing concerns with market access.
- In 2017, the United States had a $68.9 billion trade deficit in goods with Japan – our third largest after China and Mexico.
- Through negotiations the Administration will pursue outcomes on a range of sectors, including agriculture, other products, and services.
- The Administration will look to increase American motor vehicle production and jobs.
- Negotiations are expected to begin early next year, following consultations with and a notification to Congress and adherence to other appropriate procedures.
FIGHTING UNFAIR TRADE PRACTICES: President Trump is combating unfair trade practices that have gone unchecked for decades.
- At the 73rd United Nations General Assembly, the United States further strengthened cooperation with Japan and the European Union and confirmed their shared objectives to better protect United States companies and workers from non-market oriented policies by other countries.
- The three parties affirmed that market-oriented conditions are fundamental to a fair and mutually advantageous global trading system and discussed actions to achieve this outcome.
- These include addressing market-distorting behavior of state enterprises, confronting harmful industrial subsidy practices, stopping harmful forced technology transfers, and promoting World Trade Organization reforms.
- The three parties also confirmed the importance of cooperating on risks to national security from some forms of trade and foreign investment.
NEGOTIATING FOR AMERICAN WORKERS: President Trump is successfully negotiating and renegotiating trade deals that achieve fairer and more reciprocal trade.
- During his recent visit to the 73rd United Nations General Assembly, President Trump directed implementation of a revitalized United States–Korea Free Trade Agreement, known as KORUS.
- The agreement included key provisions to increase American exports and protect jobs in our auto industry.
- The President is delivering on his promise to renegotiate the North American Free Trade Agreement, having recently reached a preliminary agreement with Mexico that will greatly benefit American workers once finalized.
- President Trump has agreed with the European Commission to work toward zero tariffs and subsidies, increase energy exports, and reduce non-tariff barriers.