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Japan has agreed to start talking to the United States about trade on a bilateral basis. That's the word from both countries after Japan's Prime Minister Shinzo Abe met with President Donald Trump at the United Nations in New York on Wednesday. Japan, up until this point, has favored pursuing multilateral trade deals including the United States, but going it one on one is the preference of Trump and his trade team. The Japanese have gotten something they very much want in exchange: The U.S will not impose higher tariffs on Japanese auto exports while negotiations are underway.

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Follow Mitchell Hartman at @entrepreneurguy