TOKYO - Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China, underlining the growing threat to the world’s third-biggest economy from a bruising Sino-U.S. trade war.
Trump’s government is trying to renegotiate trade agreements with major economies to lower the U.S. trade deficit and address what it considers to be unfair trade practices. “Some Japanese companies are still optimistic about a resolution to recent trade friction, but the implications are quite serious,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
U.S. Trade Representative Robert Lighthizer will visit Japan on May 24 to meet Economy Minister Toshimitsu Motegi to accelerate trade talks ahead of a leaders’ summit a few days later, according to two sources with direct knowledge of the plan.Trump angered foreign automakers by declaring that some imported vehicles and parts posed a national security threat, and Tokyo fears the U.S. government could attempt to set a quota on Japanese car imports.
Faltering overseas demand and weak consumer spending could keep policymakers under pressure to forego a twice-delayed tax hike in October, although a rebound in manufacturers’ confidence may ease some fears of a recession in the world’s third-largest economy. Investors are closely watching the government’s monthly report due later this week for a possible downgrading of its view that the economy is in a gradual recovery, which would rekindle speculation about a tax hike delay.Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 3.8% in March, separate data on Wednesday showed. That confounded expectations for a 0.7 percent decline.
With China issues, Japan should be picking up business with the USA. 700club cbngordon randpaul realDonaldTrump kennedynation foxnews sandrasmithfox marklevinshow rushlimbaugh danarohrabacher jaysekulow judgenap tedcruz dbongino
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