Asia

Citing China's economic practices, industry group leaders this week called on lawmakers to reauthorize the Export-Import Bank and expand its authority.

TSUKUBA, JAPAN – U.S. and Japanese trade officials will hold working-level meetings in Washington, DC, beginning next Monday, a Japanese official told Inside U.S. Trade.

Two members of the U.S.-China Economic and Security Review Commission will testify.

“There is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions.”

Escalating tariffs between the U.S. and China are causing U.S. businesses to lose market share in China that will not be regained even when those tariffs are lifted -- and expected additional tariffs will cause similarly irreparable damage, industry representatives say.

Trump and Xi are expected to meet late next month.

Japanese Prime Minister Shinzo Abe declined to discuss a time frame.

The Trump administration's new $16 billion trade mitigation package will, like last year's program, include direct payments to farmers, purchases of excess commodities and agricultural trade promotion efforts, the Agriculture Department said on Thursday.

Ministers said they instructed staff to “continue efforts to finalize trilateral text-based work ... to engage with other key WTO Members with the aim of initiating negotiations on stronger disciplines on industrial subsidies and state-owned enterprises.”