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Report: US proposal sees 30 years in eliminating taxes on Japanese cars

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Report: US proposal sees 30 years in eliminating taxes on Japanese cars

According to Kyodo News, the American counterpart has forwarded the idea of eliminating import duties on Japanese made cars in 30 years – a proposal refused because of the time frame.

The report, which was sourced from information offered by unidentified sources briefed on the proceedings, concerns the trade talks between the two nations, discussion seen as very important for the outcome of an expanded regional pact.

President Barack Obama will have a state visit in Japan on April 24-25 and the US-led Trans-Pacific Partnership (TPP) seeks an important bilateral deal between the two countries before that moment.

While the US seeks an opening into the commerce of rice, beef and pork, dairy and sugar from the Japanese partner, the Asian wants the country to get rid of the 2.5% passenger car and 25% light truck import tax in the automotive sector.

While the talks conducted by US Trade Representative Michael Froman and Japanese Economics Minister Akira Amari were stopped last week with both saying progress was made – but a deal is still a long way to go, the Chief Cabinet Secretary Yoshihide Suga announced that Economics Minister Amari would go to the US to resume the talks this week.

Via Reuters

by Aurel Niculescu (my Google+) - Monday, April 14th, 2014 - filed under Industry, News. Image credit: .
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