Trans-Pacific Partnership
U.S. automakers called on Congress to take action in response to the falling value of the Japanese yen, which they said has hurt their exports and was a good reason to keep Japan out of a proposed U.S.-led free trade pact.
Toyota Motor Corp., which last year overtook General Motors to become the world's largest automaker even as its profit margins lagged behind the industry, is riding a weakening yen that has Detroit executives concerned.
A broad range of groups are expressing concern that Japan won't be able to meet the high standards of an Asia-Pacific trade deal, and are urging a careful examination of Tokyo's push to join talks.
Japan will seek to join negotiations for a free-trade pact with the United States and other Pacific nations, Prime Minister Shinzo Abe said on Friday, giving heft to talks that could encompass two-fifths of the world economy but also adding a country with demands and reservations that some participants fear will delay an agreement.
Japanese Prime Minister Shinzo Abe announced Friday that Japan will join talks on a Pacific trade pact that would oblige the country to open up sheltered industries including farming, long a bastion of protectionism.
The Japanese government on Friday asked to join trade talks aimed at creating a massive free trade zone of at least 11 nations including the United States, Canada and Mexico — a move that could have dramatic implications for the U.S. auto industry.
More than 48 members of Congress, including nine senators, said allowing Japan to join free-trade talks with 10 other nations could lead to more Japanese auto imports and fewer American auto jobs.
Toyota Motor Corp. which last year overtook General Motors Co. (GM) to become the world’s largest automaker even as its profit margins lagged behind the industry, is riding a weakening yen that has Detroit executives concerned.