As the US and Japan conclude the first round of trade negotiations, Trump said that they made "big progress" in the talks this week. For what it's worth, he also said that he is "very confident" about a deal with the EU and also that they would "make a very good deal" with China. Call me a skeptic but yeah, it's not the first time we see Trump talk up something when the reality begs to differ.
There were no major details revealed but the only thing that seems to be agreed upon was that they are going to schedule more discussions in the weeks ahead. Is that really "big progress"?
Seems familiar?
Of course, we all know how that neither side stuck to the deal whatsoever in the end. But putting that aside, there is a precedent for Trump to make a play on words to give out an entirely different meaning to the actual situation.
Now, I don't doubt that there will be a trade deal between the US and Japan. Again, this is supposed to be one of the easiest battles for Trump to claim victory in this tariffs war. However, the details are going to be the key thing.
If there is a compromise on other things instead and the 10% tariffs stay the course, that is going to be a tough example for everyone else. While it might seem good that they didn't get hit with tariffs of 24% and "only" got 10%, it's a case of Trump basically hoodwinking the world into believing that is a good thing.
This article was written by Justin Low at www.forexlive.com. Read More Details
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