Asian markets see gains on upbeat Trump trade comments

World shares mixed mostly gain after Trump trade deal remark

China not interested in playing ‘Game of Thrones’ with Washington, Beijing says

President Trump signed a partial trade agreement along with Japanese Prime Minister Shinzo Abe in NY, where the two leaders are attending the United Nations General Assembly.

Trump said the first-phase deal would open up Japanese markets to some US$7 billion worth of United States products annually, cutting Japanese tariffs on American beef, pork wheat and cheese.

"I fully believe that what we learned on this trip is that the Chinese government, the Chinese people, are committed to this issue, both to save lives in the United States, but also to save lives in China", Carroll said.

"Between President Trump and I, myself, this has been firmly confirmed that no further, additional tariffs will imposed", Abe told a news conference.

While the farm provisions affect a powerful political constituency, the digital agreement may have more lasting impact on the US economy.

Trump told reporters that he expects "in the fairly near future" that the US will have "final comprehensive deals signed with Japan". "In the latest move, sentiment got a boost from the president's positive remarks" on trade, said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute. "This access is welcomed by our members in the USA grains production and exports sectors, and we look forward to rapid implementation of the new agreement".

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"China is always inviting us to the camps under their conditions, we are in negotiations right now for terms and conditions for free access", she added.

The agreement will be put into effect quickly, possibly by the end of the current fiscal year, and then the two countries will decide, within four months, on areas where they will continue the trade talks, according to officials. It characterized this plan as the "first-stage" of the initial tariff agreement and said that more than 90% of US food and agricultural exports to Japan will either be duty free or receive preferential treatment once it's implemented. But they fear the United States trade deal will put much greater pressure on them.

Abe said he was pleased with the deal.

Negotiators are due to meet next month in Washington for a 13th round of talks.

Trump signed a trade deal with Prime Minister Shinzo Abe of Japan on Wednesday that covers farm, industrial and digital trade but leaves tariffs on autos and parts at 2.5%.

In June 2018, Washington imposed the first round of tariffs on Chinese imports, prompting Beijing to respond in kind.

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Will the USA tariffs on Japanese cars and vehicle parts really be eliminated?

"Volume is coming up at a pace that we hope that the Beijing government recognizes not only U.S. but the global concern about this situation", David Stilwell, U.S. Assistant Secretary, Bureau of East Asian and Pacific Affairs told reporters at a briefing.

The USTR said about 90 per cent of USA food and agricultural products will receive duty-free or reduced-tariff access to Japan, but wheat will still be subject to a quota limiting the volume of US imports. However, numerous products gaining new access will still face tariffs that phase out over several years.

In a separate move, the Trump administration is contemplating slapping additional tariffs on auto imports under the pretext of national security concerns.

It will also eliminate or cut tariffs on industrial products, including machine tools, chemicals and steel products that are highly exported by Japanese companies.

The US has been fighting trade disputes on several fronts over the past year.

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