U.S., Japan Sign Limited Deal on Farming, Digital Trade Deals   

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U.S., Japan Sign Limited Deal on Farming, Digital Trade Deals(Bloomberg) -- The U.S. and Japan signed a limited trade deal intended to boost markets for American farmers and give Tokyo assurances, for now, that President Donald Trump won’t impose tariffs on auto imports.The accords on agriculture and digital trade cover about $55 billion worth of commerce between the world’s largest- and third-biggest economies, U.S. Trade Representative Robert Lighthizer said at a ceremony in the Oval Office alongside Trump.The accord is a “game changer for our farmers” and ranchers, Trump said at the event.The goal is for the accord to take effect Jan. 1.Trump, who faces re-election next year, was eager to make a deal with Japan to appease U.S. farmers who have been largely shut out of the Chinese market as a result of his trade war with Beijing. American agricultural producers, also reeling from bad weather and low commodity prices, are a core component of Trump’s political base.Under the deal, Japan will lower or reduce tariffs on some $7.2 billion of American-grown farming products, including beef and pork.Prime Minister Shinzo Abe’s priority was to win a pledge that the U.S. won’t slap tariffs on Japanese automobile exports, a sector valued at about $50 billion a year and a cornerstone of the country’s economy.Read more: Click here for the most recent research from Bloomberg EconomicsThe written text of the deal doesn’t explicitly cover auto tariffs, but Abe has said he received assurances that Japan would be spared from them.The proposed pact won’t lower the barriers protecting Japan’s rice farmers -- a powerful group supporting Abe’s ruling Liberal Democratic Party. This could help the prime minster smooth the deal’s course through parliament, where it must be ratified before coming into effect.The U.S. has said this agreement -- which was signed in principle on the sidelines of the United Nations General Assembly last month -- is just the first phase of a broader agreement.To contact the reporters on this story: Justin Sink in Washington at jsink1@bloomberg.net;Jennifer A. Dlouhy in Washington at jdlouhy1@bloomberg.net;Brendan Murray in London at brmurray@bloomberg.netTo contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Sarah McGregor, Robert JamesonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



          

EU to launch new impact study on Basel bank capital rules   

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The European Union will sound out banks for a second time before implementing the final phase of global capital standards aimed at averting taxpayer bailouts in a crisis. The bloc's banking watchdog, the European Banking Authority (EBA), dismayed lenders over the summer by saying the last section of global standards, known as Basel III, should be implemented in full by the EU. Written by banking regulators from across the world, Basel III aims to avoid a repeat of the taxpayer rescues of banks in the 2007-09 global financial crisis. Most of the accord is in force, but final elements were agreed in December 2017, marking additions so extensive that bankers dubbed it Basel IV. "The Commission will carry out a thorough impact assessment of the proposed changes as well as a public consultation to gather views of the various stakeholders," a European Commission spokesman said. Opting for another study will raise hopes among bankers of a dilution in the rules after Bank of France
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