Asian exports set to decline as tariff 'front-loading' loses steam
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Japan Today
14 minutes ago
- Japan Today
Japan's farm exports rise 16% in 1st half of 2025, setting record
Japan's agricultural, fisheries and forestry product exports in the first half of 2025 rose 15.5 percent from a year earlier to a record 809.7 billion yen, as sales in the United States increased sharply, the government said. The record for the January-June period followed a fall in the same period of the previous year. The turnaround came as Japan expanded sales channels in the United States and other areas following China's import ban on Japanese seafood in the wake of the discharge of treated radioactive wastewater from the crippled Fukushima Daiichi nuclear plant. Exports were also likely helped by an increase in the number of Japanese restaurants operating overseas as awareness of the cuisine increased on the back of surging foreign tourism. Supermarkets outside the country are also selling more Japanese food, the farm ministry said. The record figure came as the government aims to boost Japan's farm and seafood exports to 2 trillion yen by 2025, after exports in 2024 grew 3.6 percent from the previous year to a record 1.51 trillion yen. But there is uncertainty over Japan's prospects of achieving the goal, as the United States will implement a 15 percent "reciprocal" tariff on Japanese imports on Thursday. China, however, is moving to resume imports of Japanese marine and other products. By country and region, exports to the United States topped the list with 141.0 billion yen, up 22.0 percent, boosted by strong demand for scallops, green tea and yellowtail. The increase came despite the administration of U.S. President Donald Trump imposing a new 10 percent tariff in April. Hong Kong ranked second with a 3.4 percent increase to 106.8 billion yen, followed by China, which saw 15.0 percent growth to 90.2 billion yen as exports of sake, timber logs and animal feed notably expanded, according to the Ministry of Agriculture, Forestry and Fisheries. By item, exports of scallops surged 45.4 percent to 34.9 billion yen, while sauce mixed seasoning increased 7.6 percent to 34.0 billion yen and beef climbed 15.5 percent to 32.5 billion yen. © KYODO
Japan Today
14 minutes ago
- Japan Today
Trump is creating task force for 2028 Olympic Games in Los Angeles
President Donald Trump speaks with reporters before boarding Air Force One at Lehigh Valley International Airport, Sunday, Aug. 3, 2025, in Allentown, Pa. (AP Photo/Julia Demaree Nikhinson) By SEUNG MIN KIM and MEG KINNARD President Donald Trump is establishing a task force on the 2028 Olympic Games being held in Los Angeles. Trump signed an executive order on Tuesday to make the task force official, the White House said. The 2028 Games will be the first Olympics to be hosted by the U.S. since the 2002 Winter Games in Salt Lake City, Utah. Trump 'considers it a great honor to oversee this global sporting spectacle,' White House press secretary Karoline Leavitt said in a statement, calling sports one of the president's 'greatest passions.' LA28 president and chair Casey Wasserman said the task force "marks an important step forward in our planning efforts and reflects our shared commitment to delivering not just the biggest, but the greatest Games the world has ever seen in the summer of 2028.' During a briefing Tuesday afternoon, State Department spokesperson Tammy Bruce said the task force would 'coordinate across federal, state and local agencies to ensure streamlined visa processes, robust security and efficient transportation.' Along with the 2028 Summer Games, Trump has said that the 2026 FIFA World Cup being hosted by the U.S., Canada and Mexico is among the events he's most looking forward to in his second term. In preparation for next year's competition, the governments of all three countries on Tuesday said they had held the first meeting of a trilateral coordinating council of government officials, industry leaders and security professionals discussing a variety of issues including preparedness for any security threats ahead of the World Cup. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
14 minutes ago
- Japan Today
Trump says pharma, chips tariffs incoming as trade war widens
US President Donald Trump says incoming tariffs on pharmaceuticals could go as high as 250 percent after starting at a low level By Beiyi SEOW U.S. President Donald Trump signaled Tuesday that fresh tariffs on imported pharmaceuticals and semiconductors could be unveiled within the coming week, in his ongoing push to reshape global trade. Trump made his latest comments in an interview on CNBC days before a separate set of tariff hikes come into effect on dozens of economies later this week. His sweeping plans have sparked a flurry of activity as governments seek to avert the worst of his threats -- with Switzerland's leaders heading to Washington on Tuesday in a last-minute push to avoid punitive duties. But he appears set to further widen his trade wars. The U.S. president told CNBC that upcoming tariffs on imported pharmaceuticals could reach 250 percent, while adding that he plans for new duties on foreign semiconductors soon. "We'll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it's going to go to 150 percent," Trump said. "And then it's going to go to 250 percent because we want pharmaceuticals made in our country." Trump also said that Washington will be announcing tariffs "within the next week or so." He added: "We're going to be announcing on semiconductors and chips." India threat Trump has set out varying tariff rates for dozens of economies after imposing a 10-percent levy on almost all trading partners in April. But these broad duties taking effect Thursday exclude products like pharmaceuticals, steel, aluminum and lumber, which are being separately targeted by sector. This means that although the 39-percent tariff Swiss leaders seek to avoid come Thursday excludes pharmaceuticals, Trump's plans for a steep levy on such imports will likely remain a point of contention in any talks. Pharmaceuticals represented 60 percent of Swiss goods exports to the United States last year. Outside of Switzerland, most products from the European Union face a 15 percent tariff starting Thursday, after Washington and Brussels struck a deal to avoid higher levies. But Trump warned Tuesday that the EU could see its tariff level surge again if it did not fulfill obligations under their recent pact. Besides probing pharmaceuticals and chips imports, Trump has already imposed steep duties of 50 percent on steel and aluminum, alongside lower levels on autos and parts. In the same CNBC interview, Trump said he expects to raise the U.S. tariff on Indian imports "very substantially over the next 24 hours" due to the country's purchases of Russian oil. This is a key revenue source for Moscow's military offensive on Ukraine. His pressure on India comes after signaling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Moscow is anticipating talks this week with the U.S. leader's special envoy Steve Witkoff, and the Kremlin has criticized Trump's threat of raising tariffs on Indian goods. Weak employment data last week pointed to challenges for the U.S. economy as companies take a cautious approach in hiring and investment while grappling with Trump's radical -- and rapidly changing -- trade policy. The tariffs are a demonstration of raw economic power that Trump sees as putting U.S. exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports. But the approach has raised fears of inflation and other economic fallout in the world's biggest economy. © 2025 AFP
