WASHINGTON -- President Donald Trump's administration is advocating for a more balanced trade relationship with Japan as high-level economic talks with the Asian nation advance this week in Washington, according to Vice President Mike Pence.
Pence made the comments Monday during the second round of U.S.-Japan economic talks, which include discussions between White House Cabinet members and top Japanese government officials. The two countries created the dialogue in February and held their first round of discussions in April.
A key component of the dialogue is "a common strategy on trade and investment rules and issues to ensure a free and fair trade relationship between our two nations," Pence said, sitting alongside Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
The two sides made initial progress in the second round of talks, including an agreement to lift restrictions on Japanese persimmons and Idaho potatoes, according to a joint statement on Monday's negotiations. They also made some advances on the automobile industry, with Japan agreeing to streamline noise and emissions testing for American car exports. Both nations will make an announcement soon on energy issues, including liquefied natural gas and coal, according to the statement.
Trump has long been critical of America's mercantile trade deficit with Japan, which is second only to its gap with China given the U.S. imports of Japanese cars and electronics. The president has voiced a preference for pursuing one-on-one trade deals with countries to shrink trade imbalances rather than multination pacts, such as the Trans-Pacific Partnership accord that he walked away from soon after entering office.
Trump is scheduled to meet with Japan's Prime Minister Shinzo Abe during a trip to Asia in early November, when the issues of trade and economic ties are sure to come up. The Japanese delegation on Monday stressed the importance of U.S. and Japanese diplomatic relations, especially amid the risks posed by North Korea's missile and nuclear programs.
"North Korea poses an unprecedented, urgent threat, increasing the importance of the U.S.-Japan alliance that's the foundation of the peace and prosperity in Asia Pacific region," Japanese Deputy Prime Minister Taro Aso said in Washington after Pence spoke.
Business on 10/17/2017