It is reported that the US proposal was a framework that included reluctance to lowering tariffs on autos, steel, and aluminum. This was what is being proposed by the US camp with it being centered on reciprocal tariffs. Considering said proposal, Japan negotiators are firmly opposed to it according to the media outlet.
Adding that Japan is to take a stance that negotiations on reducing the US trade deficit will be difficult unless tariffs on autos, steel, and aluminum are on the negotiating table. No easy deals, huh? *wink* *wink*
Again, this was supposed to be one of the easier negotiations for the US administration to manage. But from the look of things, it seems far from it. And when you weigh the comments on how the talks yesterday went, it didn’t feel like there was too much progress whatsoever.
The two camps are now expected to meet again after mid-May, according to Akazawa. So, that just kicks the can down the road for at least another two weeks.
This article was written by Justin Low at www.forexlive.com.
