Japan’s Entry Into Trade Talks Draws Concerns

Japan’s official entry Tuesday into trade talks with Asian and Pacific countries is already drawing some concerns in the U.S.

After the U.S., Japan is now the second-biggest economy in the Trans-Pacific Partnership, or TPP, a group of countries that is seeking to finish negotiations on a wide-ranging trade deal as early as this year.

Currency Rules Sought in Pacific-Trade Deal by Automakers

A trade pact among Pacific-region nations should include provisions to prevent currency manipulation, Representative Sander Levin said, siding with U.S. automakers in expressing concern about Japan’s economic policies as the nation formally joins the talks.

“We need an enforceable obligation to avoid manipulating exchange rates,” Levin of Michigan, the top Democrat on the House Ways & Means Committee, said today in remarks for a speech at the Peterson Institute for International Economics in Washington.

Detroit 3 seek to keep tariffs

WASHINGTON -- After a failed effort to exclude Japan from regional free-trade talks, the Detroit 3 are demanding that U.S. auto tariffs be phased out in no less than 25 to 30 years, Reuters reported

 

Trade Deficit in U.S. Jumped in May as Imports Near Record

The trade deficit in the U.S. unexpectedly jumped in May as imports climbed to the second-highest level on record, pointing to an economy that is overcoming higher taxes and government cutbacks.

The gap widened by 12.1 percent to $45 billion, the biggest since November, from $40.1 billion in April, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg survey of 71 economists called for a $40.1 billion deficit. The value of imports at $232.1 billion was second only to a record $234.3 billion in March 2012.

Auto Companies, Unions Outline Demands For Dealing With Japan In TPP

Labor unions and U.S. automotive manufacturers have outlined the concrete steps that they say the Office of the U.S. Trade Representative must take in order to ensure that the inclusion of Japan in the Trans-Pacific Partnership (TPP) talks does not end up harming U.S. companies and workers. On currency manipulation, these groups are aligned, but there appear to be some differences between them on issues like "managed trade" and rules of origin.

The groups made presentations outlining their view at a July 2 hearing of the Trade Policy Staff Committee on Japan's participation in TPP.

Matt Blunt, the president of the American Automobile Policy Council (AAPC), made clear that his group cannot support a final TPP deal unless its demands are met. "Unless the United States secures all of the commitments from Japan that we outlined in our June 9 submission, it will be impossible for the AAPC to support the TPP agreement," Blunt argued at the hearing.

Successful Fiat 500 by Gucci Edition Returns to America

June 11, 2013 , Auburn Hills, Mich. - The Fiat 500 and 500c by Gucci Edition, the perfect combination of Italian craftsmanship and style in a small car, brings two of Italy's most respected brands together for an encore. The new limited-edition 2013 Fiat 500 and 500c Gucci Edition models will return to America with a new discrete appearance inside and out while continuing to meet the popularity and market demand of the previous edition.
 

House majority urges Obama to address currency manipulation

Washington More than half of U.S. House members wrote President Barack Obama on Thursday, urging him to address currency manipulation as part of talks to create a 12-nation free-trade zone called the Trans-Pacific Partnership.