America announced a trade deal with many Asian countries including Japan, this information about India
us President Donald Trump has announced trade agreements (trade deal) with Japan and some other Asian countries, which will provide some relief to companies and consumers under high duty pressure on their exports to the US. US Finance Minister Scott Besant has said that the August 12 deadline can be extended again to give more time to talks with China. The situation of dialogue with India is still not clear. However, its progress seems to depend on the country’s highly protected agricultural sector. The country is under threat of 26 percent fee. However, there have been many reports that there may be an interim trade deal between India and the US before August 1. This will be followed by the final trade deal in October.
America has given relief till 1 August
Since April, almost every country is facing a minimum 10 percent base fee on products entering the US. Also, heavy duty on US imports of steel and aluminum is still applicable and many other countries including South Korea and Thailand have not yet made any compromise. Overall, economists say that these fees will definitely affect the growth of Asia and the world. US increased fees rates are currently banned till August 1.
15 percent fee on Japan
Trump and Japanese Prime Minister Shigeru Ishiba on Wednesday announced an agreement under which US imports from Japan will be imposed a 15 percent duty, lower than the first proposed 25 percent counter -duty by the US. It is a matter of great relief for vehicle manufacturers like Toyota Motor Corp and Honda. Trump also announced trade agreements with Philippine and Indonesia. After a meeting with Philippine President Ferdinand Marcos Junior, Trump said that products imported from the country would be charged 19 percent. This is only one percent less than the first proposed 20 percent fee. Indonesia will also face 19 percent fee, which is lower than the first proposed 32 percent rate. Earlier, Trump had announced that a 20 percent fee would be levied on Vietnam’s exports, which would be doubled on goods coming from China. However, no formal announcement has been made.
Relief to China till 12 August
Negotiations with China may also proceed. Besant said in a conversation with ‘Fox Business’ on Tuesday that the fee deadline with China is August 12, but it is likely to be extended. The two sides have to have another round of talks in Sweden early next week. Meanwhile, Trump said that he may soon go on a visit to China, indicating efforts to stabilize the US-China trade relations. The initial agreement announced in June paved the way for China to remove some restrictions on the export of important minerals for rare minerals, high technology and other manufacturing.
There is no news of any agreement for South Korea and other Asian countries yet. The pressure of August 1 is close due to the pressure on some countries in Asia and other places. 25 percent duty has been proposed on South Korea and 40 percent on imports from Myanmar and Laos.
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