US, Canada and Vietnam Plan to Drop Import Tariffs in 10-20 Years

The United States, Canada and Vietnam plan to remove import tariffs on Japanese automobiles over a period of 10 to 20 years under current Trans-Pacific Partnership (TPP) negotiations, it has been learned.

The United States, the largest importer of Japanese cars, would take around 20 years to remove tariffs, meaning that for Japanese manufacturers of finished vehicles, benefits from the Pacific Rim free trade agreement would be limited for the time being.

The eight other countries participating in negotiations (Australia, Brunei Darussalam, Chile, Malaysia, Mexico, New Zealand, Peru, and Singapore) have already removed or plan to remove tariffs on Japanese vehicles. For Japan, a focus of negotiations had been how long the U.S., Canada and Vietnam would take to remove the tariffs.

via Mainichi

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza