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October 19, 2018
U.S. signals intent to negotiate trade agreements with Japan, the EU and the UK
The United States Trade Representative, Robert Lighthizer, notified Congress this week that the Trump Administration intends to negotiate three separate trade agreements with Japan, the European Union (EU) and the United Kingdom (UK).
"We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses," said Lighthizer.
In officially notifying Congress, the U.S. Trade Representative is following the procedures set out in the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 - often referred to as Trade Promotion Authority (TPA) - which requires ongoing consultations with Congress.
U.S. goods and services trade with Japan totaled an estimated $283.6 billion in 2017. Exports were $114 billion; imports were $169.5 billion. The U.S. goods and services trade deficit with Japan was $55.5 billion in 2017.
U.S. goods and services trade with the EU totaled nearly $1.2 trillion in 2017. Exports totaled $527 billion; Imports totaled $627 billion. The U.S. goods and services trade deficit with the EU was $100 billion in 2017.
U.S. goods and services trade with United Kingdom totaled an estimated $235.9 billion in 2017. Exports were $125.9 billion; imports were $110.0 billion. The U.S. goods and services trade surplus with United Kingdom was $15.9 billion in 2017.
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