Japan's Akazawa Reportedly Mulls Return to US This Week
Japan's top trade negotiator Ryosei Akazawa is considering returning to the US for another round of trade negotiations this week as expectations mount for a deal as early as this month.
Akazawa may leave Japan on Thursday to hold discussions with his counterparts including US Treasury Secretary Scott Bessent the following day, TV Asahi reported, citing an unnamed government official. Public broadcaster NHK also said Akazawa is mulling a visit later this week.
Akazawa said the fourth round of ministerial-level negotiations last week saw progress toward an agreement, although he refrained from commenting on any specifics. As with other nations, Japan faces a 25% levy on cars, steel and aluminum and a 10% levy on all other goods. The across-the-board tariff is set to rise to 24% in early July barring a deal.
The two sides will meet again before the Group of Seven leaders' summit between June 15-17 in Canada, according to Akazawa. Prime Minister Shigeru Ishiba and US President Donald Trump are expected to meet on the sidelines.
Over the weekend, Trump touted Nippon Steel Corp.'s investment into the US Steel Corp. and he announced he will double the levy on steel and aluminum on June 4. The development doesn't appear to bode well for Tokyo in that Japanese Prime Minister Shigeru Ishiba has taken a stance that high tariffs could compromise the Asian nation's ability to invest in the US.
At a press conference on Monday, Japanese Chief Cabinet Secretary Yoshimasa Hayashi was asked about the impact of the higher levies on the domestic industry and the trade negotiations.
'We will closely monitor the specific details of the measures,' Hayashi said. 'In any case, the series of US tariff measures is very regrettable and we will continue to urge the US to review them.'
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