Japan resists U.S. pressure on FX in trade talks ahead of Abe-Trump summit

Reuters | April 26, 2019

Japan is resisting increasing U.S. pressure to link trade with currency issues as leaders of the two close allies are set to hold a summit in Washington on Friday, with trade and North Korea high on the agenda. Japanese ministers discussed trade and currency issues with their U.S. counterparts in Washington ahead of the summit between Prime Minister Shinzo Abe and President Donald Trump, in a last-minute bid to keep Washington from linking the issues. Trump has made clear he is unhappy with Japan’s trade surplus with the United States - much of it from auto exports - and wants a two-way deal to fix it. Trump and Abe agreed last September to start trade talks in an arrangement that protects Japanese automakers from further tariffs while negotiations are going on. U.S. Treasury Secretary Steven Mnuchin had said that in future trade deals, including one with Japan, the United States would like to include a provision to deter forex manipulation.

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At the direction of President Barack Obama and U.S. Department of Homeland Security (DHS) Secretary Jeh Johnson, Federal Emergency Management Agency (FEMA) Administrator Craig Fugate is coordinating a government-wide response to address the needs of an influx of unaccompanied children crossing into the United States creating a humanitarian situation along the southwest U.S. border.

Spotlight

At the direction of President Barack Obama and U.S. Department of Homeland Security (DHS) Secretary Jeh Johnson, Federal Emergency Management Agency (FEMA) Administrator Craig Fugate is coordinating a government-wide response to address the needs of an influx of unaccompanied children crossing into the United States creating a humanitarian situation along the southwest U.S. border.

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