WATCH: Trump Accuses Japan of Unfair Trade Practices
Wants to Correct $70 Billion Deficit
US President Donald Trump accused the Japanese of unfair trade practices in remarks to business leaders yesterday, on his first day in Tokyo. Trump left Washington last Friday for a 13-day Asia trip that took him to Japan and South Korea and will take him to Vietnam and the Philippines.
“The United States has suffered massive trade deficits with Japan for many, many years,” the president told the group. “Almost $70 billion annually.
“Many millions of cars are sold by Japan into the United States, whereas virtually no cars go from the United States into Japan, and our car industry is doing very well and our product is fantastic. So we’ll have to negotiate that out, and we’ll do it in a very friendly way, and I know it’s going to be a successful negotiation.
“We want fair and open trade. But right now, our trade with Japan is not fair and it’s not open, but I know it will be, soon. We want free and reciprocal trade, but right now our trade with Japan is not free and it’s not reciprocal. And I know it will be. And we’ve started the process, and it’s gone on for a long time, but I know that we will be able to come up with trade deals and trade concepts that are going to be fair to both countries, and, actually, I think will actually be better for both countries.”
WATCH: Nine Millionth TEU Delivered to Port of Los Angeles
Download the FREE Global Trade Magazine APP!