Trade Agreements Between Us And Japan

Japan left the TPP in 2017 and took the lead in negotiations on the revision of the agreement among the remaining 11 members and suspended some commitments, most of which were targeted by the United States. The new agreement, dubbed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or TPP-11, entered into force in December 2018 among the first six signatories to the ratification, including Japan.9 Within four months of implementation, President Trump and Prime Minister Abe will shift their efforts to a broader trade agreement. This broader agreement should cover both tariff and non-tariff barriers, including tariffs and restrictions on trade in services and investment. Important economic events have also influenced trade patterns between the United States and Japan over the past decade. The global economic slowdown caused by the 2008 financial crisis had a significant impact on U.S.-Japan trade: U.S. exports and imports declined in 2009 compared to 2008. Although trade flows recovered rapidly, they peaked in 2012 and have only slightly declined or increased in most years since that period, measured in US dollars. (See Table 1.) The depreciation of the Japanese yen since 2012, coupled with aggressive monetary incentives in Japan as part of “Abenomics” (see below), has likely influenced both the value and quantity of trade, measured in yen. U.S. trade with Japan increased significantly over the same period. 4. Once his political reputation is secured, Abe continues his diplomatic reach and perhaps ensures an over-reliance on the US Alliance. Since 2016, Abe has been trying to stabilize relations with China, despite a persistent territorial dispute and Japanese concerns about China`s growing persuasiveness in its maritime periphery. Relations with South Korea have deteriorated due to trade disputes and historical issues sensitive to the worst in half a century. Elsewhere, Abe has pursued stronger relations with Australia, India, Russia and several Southeast Asian nations. . . .

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