Price-fixing fines come on the heels of TPP negotiations
We're guessing the Detroit Three would say we told you so.
Earlier this year, American automakers were vocal about keeping Japan out of the Trans-Pacific Partnership (TPP) trade negotiations.
Their concerns were partially vindicated yesterday by news of bad behavior by Japanese companies, when the Justice Department announced findings from a probe into price-fixing in the auto parts market.
Nine companies based in Japan and two executives have agreed to plead guilty and to pay almost $745 million in fines for their roles in long-running conspiracies to fix the prices of auto parts sold to U.S. car manufacturers.
These settlements add to the ongoing investigation that so far has found 20 companies and 21 executives guilty of price-fixing and has resulted in a total of $1.6 billion in fines.
News like this adds to concerns from the auto companies and workers alike that the TPP agreement will reward anti-competitive action by one of the world’s foremost currency manipulators. Not cool, Japan.
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