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		<title>China joins massive Asian trade deal, a symbolic step to set standards without the U.S.</title>
		<link>https://www.garnertedarmstrong.org/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s</link>
		
		<dc:creator><![CDATA[Lucas Niewenhuis]]></dc:creator>
		<pubDate>Mon, 16 Nov 2020 00:41:12 +0000</pubDate>
				<category><![CDATA[Far East]]></category>
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					<description><![CDATA[<p>The Regional Comprehensive Economic Partnership (RCEP) Agreement was signed yesterday, promising to set trading standards for 10 Southeast Asian countries plus China, Australia, New Zealand, South Korea, and Japan. The deal is a strategic, but mostly symbolic win for China. &#8230; <a class="kt-excerpt-readmore" href="https://www.garnertedarmstrong.org/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/" aria-label="China joins massive Asian trade deal, a symbolic step to set standards without the U.S.">Read More</a></p>
<p>The post <a href="https://www.garnertedarmstrong.org/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/">China joins massive Asian trade deal, a symbolic step to set standards without the U.S.</a> first appeared on <a href="https://www.garnertedarmstrong.org">Garner Ted Armstrong Evangelistic Association</a>.</p>]]></description>
										<content:encoded><![CDATA[<p><em>The Regional Comprehensive Economic Partnership (RCEP) Agreement was signed yesterday, promising to set trading standards for 10 Southeast Asian countries plus China, Australia, New Zealand, South Korea, and Japan. The deal is a strategic, but mostly symbolic win for China.</p>
<p><img fetchpriority="high" decoding="async" class="" src="https://supchina.com/wp-content/uploads/2020/11/rcep.jpg" alt="RCEP illustration" width="682" height="409" /><br />
Illustration by Derek Zheng<br />
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<p>The Association of Southeast Asian Nations (ASEAN) <a href="https://asean.org/asean-hits-historic-milestone-signing-rcep/" target="_blank" rel="noopener noreferrer">announced yesterday</a> that a massive free-trade deal, more than eight years in the making, has been signed. The Regional Comprehensive Economic Partnership (RCEP) Agreement comprises 15 countries: the 10 members of ASEAN, plus Australia, New Zealand, South Korea, Japan, and — most importantly — China.</p>
<ul>
<li><strong>RCEP covers “a market of 2.2 billion people</strong> with a combined size of $26.2 trillion or 30% of the world’s GDP.”</li>
<li><strong>It aims to eliminate tariffs</strong> and quotas for goods, and also encourages firms to invest in the member countries, per ASEAN.</li>
</ul>
<h3 id="h.gx4cs5lvhpk1">What does the trade pact mean?</h3>
<p>China may be the biggest winner, but not exactly for economic reasons — China and ASEAN <a href="https://en.wikipedia.org/wiki/ASEAN%E2%80%93China_Free_Trade_Area" target="_blank" rel="noopener noreferrer">already built a free-trade area</a> more than a decade ago. Other members also won’t see significant economic effects from the deal, as most “already have equal or better deals with each other,” <a href="https://twitter.com/GregPoling/status/1328093635812990977" target="_blank" rel="noopener noreferrer">per Greg Polling</a>, a senior fellow for the Southeast Asia program at the Center for Strategic and International Studies.</p>
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<li><strong>The U.S. — China’s primary competitor</strong> in the global economy — is losing “strategic momentum” by not participating in this trade deal or actively shaping a regional alternative, <a href="https://twitter.com/EvanFeigenbaum/status/1328065722816352257" target="_blank" rel="noopener noreferrer">argues Evan Feigenbaum</a>, vice president for studies at the Carnegie Endowment for International Peace. “American firms will be active in the region even if Washington is not. But they will adapt to someone else’s rules.”</li>
<li><strong>“Asia is increasingly codifying</strong> its own regional integration in the wake of COVID-19,” <a href="https://www.eastasiaforum.org/2020/11/16/with-the-us-still-absent-asia-and-europe-double-down-on-multilateralism/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=with-the-us-still-absent-asia-and-europe-double-down-on-multilateralism" target="_blank" rel="noopener noreferrer">adds Yves Tiberghien</a>, a professor at the University of British Columbia.</li>
<li><strong>President-Elect Joe Biden could change</strong> this by reengaging the U.S. in negotiations for the Trans-Pacific Partnership (TPP) that Trump pulled out of three years ago, the <a href="https://www.nytimes.com/2020/11/15/business/china-trade-rcep.html" target="_blank" rel="noopener noreferrer">New York Times reports</a>. But “Biden has not said whether he would rejoin the deal — renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership — once he enters office,” and, “analysts say it is unlikely to be a high priority.”</li>
<li><strong>RCEP is “unambitious in scope</strong> but marks a win for China and a setback for India and America,” the <a href="https://www.economist.com/finance-and-economics/2020/11/15/the-meaning-of-rcep-the-worlds-biggest-trade-agreement" target="_blank" rel="noopener noreferrer">Economist writes</a>. India, which had <a href="https://www.economist.com/asia/2019/11/04/india-pulls-out-of-a-big-proposed-regional-trade-deal" target="_blank" rel="noopener noreferrer">pulled out</a> of RCEP negotiations a year ago, is “party to very few bilateral trade agreements” to boost trade in other venues.</li>
</ul>
<p><strong>Chinese state media celebrated</strong> the propaganda win.</p>
<ul>
<li>A <a href="http://www.xinhuanet.com/english/2020-11/16/c_139519866.htm" target="_blank" rel="noopener noreferrer">Xinhua commentary</a> clearly written with the U.S. in mind said that RCEP “shines rays of hope through the dark clouds of global trade uncertainty,” and represents a choice of “solidarity and cooperation over conflict and confrontation.”</li>
<li>The nationalistic Global Times pushed back on a common <a href="https://www.globaltimes.cn/content/1206886.shtml" target="_blank" rel="noopener noreferrer">characterization of RCEP as “China-led,”</a> saying that instead, the deal is “win-win and all-win.”</li>
<li>An <a href="https://news.cgtn.com/news/2020-11-15/RCEP-shows-how-China-is-overcoming-U-S-challenge-on-trade-VqSgxhPYIg/index.html" target="_blank" rel="noopener noreferrer">opinion piece in state broadcaster CGTN</a> hailed RCEP as the result of “well-contemplated diplomacy,” and said that it shows those who advocate “decoupling” with China “are likely to end up on the outside of the world’s economic gravity.”<br />
<hr />
</li>
</ul>
<p>More to read on RCEP and the future of free trade and China:</p>
<ul>
<li><a href="https://www.piie.com/publications/working-papers/east-asia-decouples-united-states-trade-war-covid-19-and-east-asias-new" target="_blank" rel="noopener noreferrer">East Asia decouples from the United States: Trade war, COVID-19, and East Asia’s new trade blocs</a> / Peterson Institute for International Economics</li>
<li><a href="https://www.scmp.com/week-asia/economics/article/3110082/rcep-has-been-signed-last-resistance-china-could-yet-prove" target="_blank" rel="noopener noreferrer">The RCEP has been signed, at last – but resistance to China could yet prove a hurdle before it takes effect</a> / SCMP</li>
<li><a href="https://www.scmp.com/economy/global-economy/article/3109924/china-australia-relations-dont-expect-rcep-solve-trade" target="_blank" rel="noopener noreferrer">China-Australia relations: ‘don’t expect RCEP to solve trade dispute’</a> / SCMP</li>
<li><a href="https://www.caixinglobal.com/2020-11-16/trade-pact-will-remove-tariffs-on-86-of-japans-exports-to-china-101628661.html" target="_blank" rel="noopener noreferrer">Trade pact will remove tariffs on 86% of Japan’s exports to China</a> / Nikkei Asia via Caixin</li>
<li><a href="https://www.koreatimes.co.kr/www/world/2020/11/501_299296.html" target="_blank" rel="noopener noreferrer">China-Africa relations: Beijing says it will help pay for world’s largest free-trade zone</a> / SCMP via Korea Times</li>
</ul>
<hr />
<p><span class="author-bio__name">Lucas Niewenhuis</span> is the Newsletter Editor at SupChina. Previously, he has researched China-Africa relations at the Social Science Research Council, interned at the Council on Foreign Relations, and studied Chinese language and culture in Shanghai and Beijing. <a href="https://supchina.com/author/lucasniewenhuis/">Read more</a></p>
<hr />
<p>Source: <a href="https://supchina.com/2020/11/16/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/" target="_blank" rel="noopener noreferrer">https://supchina.com/2020/11/16/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/</a></p>
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</div><p>The post <a href="https://www.garnertedarmstrong.org/china-joins-massive-asian-trade-deal-a-symbolic-step-to-set-standards-without-the-u-s/">China joins massive Asian trade deal, a symbolic step to set standards without the U.S.</a> first appeared on <a href="https://www.garnertedarmstrong.org">Garner Ted Armstrong Evangelistic Association</a>.</p>]]></content:encoded>
					
		
		
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		<title>Japan struggles to avoid Trump&#8217;s tariff threat as deadline looms</title>
		<link>https://www.garnertedarmstrong.org/japan-struggles-to-avoid-trumps-tariff-threat-as-deadline-looms/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=japan-struggles-to-avoid-trumps-tariff-threat-as-deadline-looms</link>
		
		<dc:creator><![CDATA[Aljazeera]]></dc:creator>
		<pubDate>Sun, 22 Sep 2019 08:29:24 +0000</pubDate>
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					<description><![CDATA[<p>Higher tariffs on Japanese cars, the country&#8217;s biggest export to the US, are still being negotiated. US President Donald Trump has been adamant about reducing its trade deficit with other nations, while two-thirds of Japan&#8217;s trade surplus with the US &#8230; <a class="kt-excerpt-readmore" href="https://www.garnertedarmstrong.org/japan-struggles-to-avoid-trumps-tariff-threat-as-deadline-looms/" aria-label="Japan struggles to avoid Trump&#8217;s tariff threat as deadline looms">Read More</a></p>
<p>The post <a href="https://www.garnertedarmstrong.org/japan-struggles-to-avoid-trumps-tariff-threat-as-deadline-looms/">Japan struggles to avoid Trump’s tariff threat as deadline looms</a> first appeared on <a href="https://www.garnertedarmstrong.org">Garner Ted Armstrong Evangelistic Association</a>.</p>]]></description>
										<content:encoded><![CDATA[<p>Higher tariffs on Japanese cars, the country&#8217;s biggest export to the US, are still being negotiated.</p>
<p><img decoding="async" src="https://www.aljazeera.com/mritems/imagecache/mbdxxlarge/mritems/Images/2019/9/10/2e32ace03f9143f2a1977fb32aab18ae_18.jpg" alt="US President Donald Trump has been adamant about reducing its trade deficit with other nations, while two-thirds of Japan's trade surplus with the US comprises vehicle sales [File: Kiyoshi Ota/Bloomberg]" /><br />
US President Donald Trump has been adamant about reducing its trade deficit with other nations, while two-thirds of Japan&#8217;s trade surplus with the US comprises vehicle sales [File: Kiyoshi Ota/Bloomberg]
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<p><a href="https://www.aljazeera.com/topics/country/japan.html">Japan</a>&#8216;s Prime Minister <a href="https://www.aljazeera.com/topics/people/shinzo-abe.html">Shinzo Abe</a> may have averted giving away too much in trade talks with <a href="https://www.aljazeera.com/topics/country/united-states.html">United States</a> President <a href="https://www.aljazeera.com/topics/people/donald-trump.html">Donald Trump</a> but Tokyo is struggling in advance of a late-month deadline to achieve its primary goal: get the unpredictable president to drop threats of punitive car tariffs.</p>
<p>Even after announcing a preliminary deal with Abe on August 25, Trump left open the possibility of slapping higher duties on Japanese vehicles, a mainstay of the world&#8217;s third-biggest economy and by far Japan&#8217;s biggest export to the US.</p>
<p>Trump and Abe are seeking a final agreement in time for their expected meeting on the sidelines of the United Nations General Assembly later this month.</p>
<p>But negotiators have only just begun working out details, such as how much tariffs will be cut for which items, Japanese government officials familiar with the negotiations told the Reuters news agency.</p>
<p>A deal this month could be tricky, as there&#8217;s little time to nail down the wording for politically sensitive areas such as farm products and cars, and clear any legal hurdles, the officials say.</p>
<p>&#8220;There&#8217;s really no deal between the two countries yet,&#8221; one official said. &#8220;Negotiations have only just begun.&#8221;</p>
<p>Trump and Abe announced their <a href="https://www.aljazeera.com/ajimpact/japan-denies-giving-trade-talks-190826064013563.html">agreement</a> on the core principles of the deal, with Tokyo promising to cut tariffs on US agricultural products and Washington doing likewise on select industrial goods from Japan.</p>
<p>Japan managed to keep tariff cuts on US beef and pork imports within levels granted to signatories of the multilateral Trans-Pacific Partnership (TPP) deal &#8211; meeting a pledge Abe had made to domestic producers.</p>
<p>Tokyo also skirted pressure, at least for now, to agree to avoid currency &#8220;devaluations&#8221; &#8211; a demand of US legislators that would have tied Japan&#8217;s ability to intervene in currency markets should the yen spike and threaten the country&#8217;s export-reliant economy.</p>
<p>And it only took a commitment from Abe to front-load already planned purchases of US corn imports to allow Trump to claim victory in announcing the preliminary deal.</p>
<p>&#8220;It&#8217;s a very big transaction,&#8221; Trump said, alongside Abe on the sidelines of a summit in France of the G7 leading industrialized nations. &#8220;It&#8217;s billions and billions of dollars. Tremendous for the farmers.&#8221;</p>
<p>Japanese officials say the country&#8217;s total feed corn imports won&#8217;t increase as a result of the deal, which simply front-loads three months&#8217; worth of roughly 2.75 million tonnes of imports.</p>
<p>As private companies have the final say in how much feed corn they import, the government will only facilitate purchases by subsidizing storage fees, they say.</p>
<p>Japan imports roughly 11 million tonnes of feed corn a year, of which 95 percent come from the US, data by the Finance Ministry shows. That is worth about 254 billion yen ($2.4bn), suggesting three months of front-loading would have a negligible effect on Japan&#8217;s 6.5 trillion yen ($60.4bn) trade surplus with the US.</p>
<p>&#8220;It&#8217;s not fake, but it&#8217;s not a fundamental solution&#8221; to address the huge US trade deficit with Japan, said one of the officials familiar with the negotiations. &#8220;The whole point is to make Trump happy.&#8221;</p>
<p>Some Japanese officials said they were uncertain whether such sweeteners would have a lasting effect on Trump, who has made it a priority to fix the huge US trade deficit with other countries.</p>
<p>Among the steps, he has taken is a threat to slap higher tariffs on vehicles and parts imported from Japan under Section 232 of the Trade Expansion Act, on national security grounds. About two-thirds of Japan&#8217;s trade surplus with the US is made up of cars.</p>
<p>For Japan, the whole point of signing a two-way trade deal with the US is to avoid the higher tariffs. After several rounds of negotiations, Washington promised Tokyo it would not impose the tariffs while trade talks continue.</p>
<p>Trump said last month he would not &#8220;immediately&#8221; impose the higher vehicle tariffs, but wouldn&#8217;t confirm the decision was permanent.</p>
<p>Japan&#8217;s Minister for Economic Revitalization Toshimitsu Motegi has said the issue would be dealt with &#8220;in the final stages of negotiations,&#8221; suggesting that talks on the vehicle tariffs would continue.</p>
<p>Japanese policymakers and legislators involved in the negotiations concede that they had little idea how to get assurance from Trump that he would drop his threat of higher vehicle tariffs.</p>
<p>Another concern they have is the possibility, albeit slim, that Washington could set import curbs on Japanese automobiles, which would devastate the country&#8217;s export-reliant economy.</p>
<p>&#8220;It&#8217;s very hard for negotiators,&#8221; a second official said. &#8220;Trump could change his mind at any time.&#8221;</p>
</div>
<div class="article-body-artSource">
<p>SOURCE: REUTERS NEWS AGENCY</p>
<hr />
<p>Source: <a href="https://www.aljazeera.com/ajimpact/japan-struggles-avoid-trump-tariff-threat-deadline-looms-190910011920547.html" target="_blank" rel="noopener noreferrer">https://www.aljazeera.com/ajimpact/japan-struggles-avoid-trump-tariff-threat-deadline-looms-190910011920547.html</a></p>
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		<title>US reaffirms sanctions campaign on North Korea, keeps up pressure on Japan on trade</title>
		<link>https://www.garnertedarmstrong.org/us-reaffirms-sanctions-campaign-on-north-korea-keeps-up-pressure-on-japan-on-trade/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=us-reaffirms-sanctions-campaign-on-north-korea-keeps-up-pressure-on-japan-on-trade</link>
		
		<dc:creator><![CDATA[Walter Sim - Japan Correspondent]]></dc:creator>
		<pubDate>Tue, 13 Nov 2018 02:20:47 +0000</pubDate>
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		<guid isPermaLink="false">http://www.garnertedarmstrong.org/?p=7941</guid>

					<description><![CDATA[<p>US Vice President Mike Pence (left) with Japanese Prime Minister Shinzo Abe at the Prime Minister&#8217;s official residence in Tokyo, Japan on 13 Nov, 2018.PHOTO: EPA-EFE TOKYO – US Vice President Mike Pence on Tuesday (Nov 13) reaffirmed the need &#8230; <a class="kt-excerpt-readmore" href="https://www.garnertedarmstrong.org/us-reaffirms-sanctions-campaign-on-north-korea-keeps-up-pressure-on-japan-on-trade/" aria-label="US reaffirms sanctions campaign on North Korea, keeps up pressure on Japan on trade">Read More</a></p>
<p>The post <a href="https://www.garnertedarmstrong.org/us-reaffirms-sanctions-campaign-on-north-korea-keeps-up-pressure-on-japan-on-trade/">US reaffirms sanctions campaign on North Korea, keeps up pressure on Japan on trade</a> first appeared on <a href="https://www.garnertedarmstrong.org">Garner Ted Armstrong Evangelistic Association</a>.</p>]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" src="https://www.straitstimes.com/sites/default/files/styles/article_pictrure_780x520_/public/articles/2018/11/13/nz-tokyo-101018.jpg?itok=8u5usxGn&amp;timestamp=1542081475" alt="US Vice President Mike Pence (left) with Japanese Prime Minister Shinzo Abe at the Prime Minister's official residence in Tokyo, Japan on 13 Nov, 2018." /><br />
<span class="caption-text">US Vice President Mike Pence (left) with Japanese Prime Minister Shinzo Abe at the Prime Minister&#8217;s official residence in Tokyo, Japan on 13 Nov, 2018.</span><span class="caption-credit">PHOTO: EPA-EFE<br />
</span></p>
<p>TOKYO – US Vice President Mike Pence on Tuesday (Nov 13) reaffirmed the need to work with Japan to maintain the sanctions campaign on North Korea until its denuclearisation, while also keeping up pressure on Tokyo to reduce its trade surplus with the United States.</p>
<p>The Vice President&#8217;s remarks on North Korea, made in Tokyo with Japanese Prime Minister Shinzo Abe beside him, came a day after a report by a US think-tank, Center for Strategic and International Studies, showed that Pyongyang was secretly moving ahead with its ballistic missile program with 16 hidden bases.</p>
<p>South Korea’s presidential office on Tuesday sought to play down the think-tank’s report, saying that the information was “not new” and that the New York Times had gone too far in labelling the North’s continued activity as a “great deception”.</p>
<p>“The sanctions will remain in full force until we achieve the final, fully-verified denuclearisation of North Korea,” Mr Pence said. “The United States, Japan and the world will accept nothing less.”</p>
<p>The denuclearisation process is at a crossroads amid pushback from China, Russia and South Korea on the question of sanctions. All three have now called for a gradual easing of sanctions, saying they are not constructive towards denuclearisation since US President Donald Trump met North Korean leader Kim Jong Un in Singapore in June.</p>
<p>A planned meeting between US Secretary of State Mike Pompeo and North Korean officials in New York on Nov 8  was cancelled without any given reason. South Korea’s unification minister Cho Myoung-gyon departed Seoul on Tuesday for a five-day visit to the US.</p>
<p>Mr Abe, on his part, said: “North Korea has its own abundant resources and diligent workforce, and its denuclearisation will herald the dawn of a bright future. And on the premise of resolving the various problems, Japan and the US will continue to work together.”</p>
<p>Japan was Mr Pence’s first stop on a four-country tour of the region, which also takes him to Singapore and Papua New Guinea where he, along with Mr Abe, will attend multilateral meetings held in conjunction with the Asean and Apec summits.</p>
<p>The two leaders will also make a brief stopover in Australia after the Singapore leg.</p>
<p>On the issue of trade, Mr Pence said the US was looking forward to ironing out a bilateral deal with Japan, with an eye on slashing Japan’s trade surplus of US$68.9 billion ($95.3b). Talks are due to begin in January.</p>
<p>“The US has had a trade imbalance with Japan for too long,” Mr Pence said. “American products and services too often face barriers to compete fairly in Japanese markets. The best opportunity for free, fair and reciprocal trade will come in a bilateral trade agreement.”</p>
<p>Japan has said that the new Trade Agreement on Goods will be limited in scope, and that it will not consider any terms that are “detrimental to national interest”, nor any terms that go beyond what was agreed under the Trans-Pacific Partnership (TPP) deal that Mr Trump abandoned in his first act in office.</p>
<p>Mr Abe, speaking before Mr Pence, told the news conference that Japan will work with the US to “further expand bilateral trade and investment in a mutually beneficial manner.”</p>
<p>He also said he discussed the outcomes of his landmark visit to Beijing last month with Mr Pence, and that Japan and the US will cooperate to ensure constructive dialogue with China.</p>
<p>Meanwhile, the two leaders pledged to uphold their vision of a Free and Open Indo-Pacific, which Mr Abe described as one “where big and small countries can participate and all countries can flourish”.</p>
<p>The US, Japan, along with Australia, are reportedly teaming up to finance infrastructure in such areas as energy and digital connectivity, from liquefied natural gas terminals to undersea cables.</p>
<p>The US and Japan on Tuesday pledged to jointly earmark up to US$70 billion in support of the endeavour, which Mr Abe said showed their joint commitment to the “economic development of the Indo-Pacific region that is free, open and based on fair rules”.</p>
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<p>Source: <a href="https://www.straitstimes.com/asia/east-asia/pence-seeks-update-on-trade-talks-with-japan-in-talks-with-abe" target="_blank" rel="noopener">https://www.straitstimes.com/asia/east-asia/pence-seeks-update-on-trade-talks-with-japan-in-talks-with-abe</a></p>
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