{"id":156057,"date":"2019-09-24T11:45:04","date_gmt":"2019-09-24T15:45:04","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=156057"},"modified":"2019-09-24T11:17:31","modified_gmt":"2019-09-24T15:17:31","slug":"us-japan-trade-deal-under-threat","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/us-japan-trade-deal-under-threat\/","title":{"rendered":"US-Japan Trade Deal Under Threat"},"content":{"rendered":"
September 24, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

US Treasury Secretary Speaks<\/strong><\/h2>\n

The latest headlines surrounding the ongoing US-China trade negotiations have done little to encourage the markets this week.<\/p>\n

Speaking with US reporters on Monday evening,\u00a0US Treasury Secretary Steve Mnuchin said that talks between negotiators are due to start again in Washington in two weeks<\/strong>\u00a0time, adding:<\/p>\n

\u201cThe president\u2019s been very clear if we can get the right deal, he wants the deal\u2026If we can\u2019t get the right deal, he\u2019s happy with the tariffs.\u201d<\/p><\/blockquote>\n

Mnuchin spoke further in support of the President\u2019s strategy saying<\/strong>:<\/p>\n

\u201cAs you know, the president not only likes tariffs, but he uses them strategically. And he\u2019s right\u2026If it weren\u2019t for the tariffs, nobody would be at the table negotiating.\u201d<\/p><\/blockquote>\n

Confusion At The Top<\/strong><\/h2>\n

In a slightly more comedic twist, there appeared to be some confusion between the president and one of his highest level officials<\/strong>\u00a0over the recent canceling of Chinese visits to US farms.<\/p>\n

Speaking at the UN General Assembly, Mnuchin said that Trump\u2019s team had requested that China cancel the planned visits to US farming regions.<\/p>

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However, Trump appeared unaware, asking Mnuchin:<\/strong><\/p>\n

\u201cWhy was that our request, just out of curiosity?\u201d<\/strong><\/p><\/blockquote>\n

Mnuchin reassured the president over the request.<\/p>\n

Trump replied saying \u201cyeah but I want them to buy our farm products\u201d.<\/p>\n

However, again, Mnuchin reassured the president, saying:<\/p>\n

\u201cThere was no confusion. We want them to buy our agriculture. They\u2019ve committed to buy agriculture\u201d.<\/p><\/blockquote>\n

US-Japan Trade Deal Under Threat<\/strong><\/h2>\n

It was not just\u00a0the latest news<\/a>\u00a0regarding US-Chinese negotiations that has caused concern this week.<\/p>\n

Following Trump\u2019s recent announcement that he agreed on a trade deal with Japan,\u00a0the\u00a0latest reports have thrown the deal into doubt.<\/strong><\/p>\n

The US president and Japanese Prime Minister Shinzo Abe were aiming to sign a deal at the UN General Assembly this week. However, talks have reportedly come into difficulty. Japan is seeking assurances that the US will not press ahead with planned \u201cnational security\u201d tariffs on Japanese autos and auto parts.<\/p>\n

The trade deal is designed to increase US access to Japan for US agricultural products<\/strong>\u00a0along with bilateral reductions in industrial tariffs. And it\u2019s\u00a0not supposed to see any adjustments to current tariffs and trade rules regarding the auto sector.<\/p>\n

Auto sales from Japan\u00a0currently account for the biggest section of $67.6 billion.<\/strong><\/p>\n

Autos Tariffs In Focus<\/strong><\/h2>\n

Trump has yet to follow through on\u00a0threats earlier in the year<\/a>\u00a0to impose import tariffs of 25% on Japanese and European car parts. However. he\u00a0has not said that he will cancel the tariffs.<\/strong>\u00a0Japan is reportedly looking for a sunset clause in the trade agreement which removes any trade benefits for the US should the tariffs be applied.<\/p>\n

Commenting on the progress of the trade talks between the US and Japan,\u00a0Japanese Foreign Ministry spokesman Masato Ohtaka said:<\/strong><\/p>\n

\u201cFrankly speaking, we still have some time and all my colleagues in the government are making their best efforts to actually meet this target,\u201d<\/p><\/blockquote>\n

Technical Perspective<\/strong><\/h2>\n

\"usdjpy\"<\/p>\n

USDJPY continues to threaten a proper breakout higher. Following an initial move above the bear channel top last week, price has since reversed a little but is holding above the 107.25 level for now. While above here, focus is on further upside with 108.83 the next key resistance level to watch.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex US Treasury Secretary Speaks The latest headlines surrounding the ongoing US-China trade negotiations have done little to encourage the markets this week. Speaking with US reporters on Monday evening,\u00a0US Treasury Secretary Steve Mnuchin said that talks between negotiators are due to start again in Washington in two weeks\u00a0time, adding: \u201cThe president\u2019s been very […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-156057","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=156057"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156057\/revisions"}],"predecessor-version":[{"id":156065,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156057\/revisions\/156065"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=156057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=156057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=156057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}