Asia

While some members of the Senate Finance Committee on Tuesday expressed qualified support for the administration's approach to China, several said they had not been briefed on U.S. plans for crucial talks over the next 90 days.

A U.S.-Japan free trade deal should include adequate currency protections, address differences in vehicle standards and facilitate smoother customs procedures, industry representatives said during a Monday hearing on potential negotiating objectives.

USTR: “Great news today! ... This improved deal is a great achievement for our nations and workers.”

The Asia Reassurance Initiative Act would authorize penalties for IP theft, promote bilateral deals and boost energy exports.

While 90 days is “not sufficient” to address all of the trade issues between Washington and Beijing, the newly established window is a “good start,” according to leaders of an influential business group.

The U.S. International Trade Commission on Thursday asked industry representatives and others how the elimination of tariffs on autos and trucks from Japan would impact production in the U.S., with one commissioner predicting autos would be a major focus for the ITC in its assessment of a potential deal.

“We’re in the process of now trying to go over the agricultural commitment; that will be the first thing that gets addressed in the next few weeks and [USTR Lighthizer] will be leading the specifics of actually negotiating and putting it into a legally binding agreement.”

Kudlow: “We're pretty close to some agreements on the IP theft and we're pretty close to some agreements on the forced transfer of technology from American companies.”

The U.S. and China have reached a long-expected ceasefire deal, but as the difficult work of negotiating some form of agreement between the world’s largest economies begins, success will hinge on the Trump administration’s ability to present a united front as it negotiates with Beijing.