Japan’s Economic Minister Toshimitsu Motegi will meet with U.S. Trade Rep. Robert Lighthizer in Washington, D.C. for the first of two days of talks in an effort to reach a trade deal.
The two sides hope to come to an agreement on automobiles and agriculture: Specifically, Japan would give U.S. beef and pork producers new access to its market in return for the U.S. agreeing to reduce tariffs on certain Japanese auto parts brought into America.
A deal would impact companies including Toyota and Honda.
Improved access to the Japanese market would help the U.S. compete with members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement among Pacific nations other than China, which Trump pulled the U.S. out of in one of his first actions as president.
The U.S. is set to roll out one batch of tariffs set at 10 percent on Sept. 1 with the second 10 percent round delayed until Dec. 15. Under this round of tariffs, there will eventually be approximately 3,800 items that equal about $300 billion in Chinese imports.