U.S. and Japan Plan to Form Trade Partnership
The U.S. and Japan set the foundation of a trade partnership today, agreeing to work toward resolving tariffs on steel and aluminum imports. U.S. Trade Representative Katharine Tai and Japan's trade and industry minister also agreed to cooperate toward a "common global-agenda" for trade, according to ABC News.
"This Partnership will deepen the cooperation between the United States and Japan that has defined our strong bilateral trade relationship," said Tai, in a statement. "Our close collaboration will support the Biden-Harris Administration's development of an economic framework for the Indo-Pacific and help create sustainable, resilient, inclusive, and competitive trade policies that lift up our people and economies."
The two countries hope to focus on third country concerns, environmental and labor concerns, trade facilitation and address unfair trade practices, to name a few. The first series of meetings under the Partnership on Trade are expected to take place early in 2022.