Japan trade negotiator Akazawa says he made progress in U.S. tariff talks
Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said.
"Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
Akazawa declined to say what progress they had made.
The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba.
Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington.
"We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added.
Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks.
In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday.
Akazawa said Japan's position has not changed and that the tariffs are not acceptable.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Spending Review: Massive cheques from the chancellor for some - but what do totals hide?
The next few days are vital – "one of the last moments to weave it all together – to look politically credible to the people Labour has lost", one senior figure reckons. There have been huge fights inside government about the looming Spending Review. As I write, the home secretary and deputy prime minister are both still in dispute with the mighty Treasury over the amount of cash they'll have to spend. But the Treasury's already trying to convince the public the review is about significant investment. On Wednesday Rachel Reeves boasted of funnelling billions more taxpayers' cash to big transport projects outside the wealthier south east of England, having tweaked the Treasury rules to do it. Now, with five days still to go, I've been passed some of the information that'll be in the pages of Wednesday's review. It's one crucial chart that will be in the huge bundle of documents heading to the printing presses on Tuesday night that shows what's called TDEL – the Total Departmental Expenditure Limit. In other words, the total that government spends, including the day-to-day costs of running public services and long-term spending on big projects. But it doesn't include costs that government can't set in advance – like pensions and benefits, or debt interest. The chart spans 2010 to 2030, so takes in the coalition years, where you can see the total sliding down, then the Conservative years when spending starts rising after the Brexit referendum, then leaps up during Covid. And then, when Labour took charge, the red line going up steeply at first, then more slowly towards the end of this parliamentary term. The total real terms spending by 2029-30? More than £650bn – roughly £100bn more than when Labour took office. The pale blue line is what would have happened to spending if the Conservatives had managed to hang on to power last year. The government now is allergic to accusations that any cuts they make will be a return to austerity. And this chart shows that overall spending is going up considerably, compared to those lean years. The political argument around spending will rage but the chancellor did - to use the ghastly technical term – set out the "spending envelope" in her autumn Budget, indicating rises were coming. You can bet they'll want to use every chance they have to say they are spending significantly more than the Tories planned to under Rishi Sunak. The government's political opponents on the other hand, may look at that red line as it climbs steeply upwards and say: "See, public spending is ballooning out of control". This chart does illustrate very significant rises in public spending. But be careful. What this chart doesn't give us is any idea of how those massive totals break down. Massive chunks will go to favoured departments, suggestions of an extra £30bn for the NHS today. And a very significant part of that steep rise will be allocated to long-term projects, not running public services, some of which are struggling. The overall total may be enormous, but a couple of parts of government greedily suck in billions - others will still feel the pain. A case in point – as I write on Saturday morning, the Home Office is still arguing over its settlement, believing there isn't enough cash to provide the number of police the government has promised, while the front pages are full of stories about the NHS receiving another bumper deal. So observe this big health warning. The chart gives us a sense of the political argument the chancellor will make. But it doesn't tell the full story or give the crucial totals, department by department, decision by decision. It's worth saying it's incredibly unusual to see any of this before the day itself, hinting perhaps at jitters in No 11 about how the review will be received. Until we hear the chancellor's speech, and then see all of the documents in full on Wednesday, the story of the Spending Review won't be clear. There will be reams of statistics, produced by government, and the official number crunchers, the OBR, and then days of analysis by think tanks and experts in the aftermath. But bear in mind these three core facts. Rachel Reeves will put a huge amount of cash, tens and tens of billions, towards long term projects. Short-term spending money will be tight, with no spare cash for sweeteners. And the government is not popular, so there's huge pressure to tell a convincing story to try to change that, not least because of what went wrong the last time. "We can't ever do it like this again." After Labour's first Budget, government insiders concluded next time, it had to be different. A source recalls: "It was a very brutal exercise - it was literally just making the sums add up, there was no collective approach to what the priorities were." Alongside a lot of extra cash for the NHS, there was a big tax rise for business that came out of the blue. No one wants a repeat of that experience. The "next time" is now – and a Labour source warns the review might be as "painful as hell" . So the task for a government struggling in the polls is to make this moment more than just a gruesome arithmetic problem, instead, to use the power of the state's cheque book to make, and go on to win an argument. Stick a fiver on Rachel Reeves referring back to that first Budget as "fixing the foundations" of the economy and public services, this week then being the moment to start, "rebuilding Britain". Sources suggest she has three aspects in mind: security for the country (which will explain all those billions for defence), the health of the nation - that does what it says on the tin, and "investing", all that cash for long-term projects. Next week's decisions will be followed soon after by the government's industrial strategy which will promise support for business, possibly including cash to help with sky-high energy costs. And it comes after several big staging posts – the immigration white paper, trade deals, the defence review. In government circles there's hope of denting some of the criticisms that they have been slow to get moving in office, that, frankly, Sir Keir Starmer arrived in government without having worked out what he really wanted to do. One Whitehall insider tells me, "Now the buses are all arriving at once – maybe the idea of this lacklustre government that didn't have a plan will be blown away by July?" Another Labour source suggests the threat from Nigel Farage has actually forced the government to get moving, visibly, and decisively: "Reform gives us the impetus to actually shake this stuff down." That's the rosy view of how the chancellor might be able to play a difficult hand. It might not be reality. It is profoundly uncomfortable for a Labour government to make cuts. There is already a whiff of rebellion in the air over ministers' welfare plans. Expanding free school meals for kids in England seems designed to placate some of those critics in advance, but there could be more to make them mutinous. Don't forget Reeves has several different audiences – not just the public and her party, but the financial bigwigs too. This time last year all Labour's schmoozing was paying off, and she enjoyed good reviews in the City. One year on, that mood has shifted, in part because of the autumn budget. According to one city source, it "damaged her. People saw it as an about turn on her promises. Raising National Insurance, however they want to present it, went against the spirit of the manifesto… confidence in her in the City is diminished and diminishing", not least because there is chatter about more tax hikes in the autumn budget. Sign up for the Off Air with Laura K newsletter to get Laura Kuenssberg's expert insight and insider stories every week, emailed directly to you. You probably don't need me to remind you that the level of taxes collected by government are historically sky high. So too, at the other end, is the amount of government debt. A former Treasury minister told me this morning, "debt is the central issue of our time, nationally and globally". "There is a real risk our debt becomes unsustainable this Parliament, unless we make tough choices about what the state does. We can't keep on muddling through." Add in the twists, tariffs and tantrums of the man in the White House, that make the global economic situation uncertain and the picture's not pretty. But politics hinges on finding advantage in adversity. Polling suggests much of the country reckons Labour inherited a bad hand and has played it badly. This week, the chancellor has a chance to change the game. No 11 is determined to prove that she has made decisions only a Labour chancellor would make. And Reeves is gambling that her decisions to shovel massive amounts of money into long term spending helps the economy turn, and translates into political support well before the next general election. A senior Labour source said, Wednesday will be "the moment, this government clicks into gear, or it won't". There's no guarantee. 'It's going to be ugly': Westminster braces for Spending Review The Conservative Party faces problems - is its leader one of them? The country where the left (not the far right) made hardline immigration laws BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
Miami Herald
2 hours ago
- Miami Herald
Lululemon analysts reboot stock price target after earnings
Now that was a real lulu. The dictionary tells us that the slang term "lulu", which dates to the 1850s, can be used to describe a person or thing "outstanding for some quality." Don't miss the move: Subscribe to TheStreet's free daily newsletter That quality can be positive or negative, and for Lululemon (LULU) it translated into about 5 pounds of oy vey in a two-pound bag. Shares of the Vancouver athleisure giant nosedived on June 6 after it beat Wall Street's first-quarter-earnings expectations but slashed its full-year guidance, citing a "dynamic macroenvironment" that included increased competition and the impact of the Trump administration's tariffs. "The current tariff paradigm has brought uncertainty into the retail environment," Chief Executive Calvin McDonald told analysts during the earnings call. "As consumers try to assess the impact they will have on daily life, as businesses evaluate these impacts as well, I believe we are better positioned than most to navigate the near term while also maintaining our focus on investing in our growth potential over the long term," he added. Chief Financial Officer Meghan Frank said Lululemon estimated a thinner operating margin, which measures profitability by dividing a company's operating income by its net sales for the full year. It now expects a narrowing of 1.6 percentage points, compared with the previous estimate of 1 point, "all driven by the net impact of tariffs." More Retail Stocks: Halloween retailer sounds warning consumers need to hearTarget expands same-day delivery to 100s of retailersWalmart makes surprise cuts as it looks at tariff price hikes "We are planning to take strategic price increases, looking item by item across our assortment as we typically do, and it will be price increases on a small portion of our assortment, and they will be modest in nature," she said. Comparable sales in the quarter rose 1% from a year earlier, missing analysts' forecasts calling for a 3% increase. The result reflects a 2% decrease in the Americas and a 6% increase internationally. "We're definitely not happy where the growth is in the U.S., but relative to the market and our performance versus others, pleased that we're putting on share, pleased with the reaction to the newness and with the mix of newness that's coming," McDonald said. Lululemon is known for advanced athletic apparel, particularly its workout leggings, and it is said to use "holistic guerrilla marketing" to make customers feel that they are part of a community. In April, President Donald Trump unleashed a broad range of tariffs that he has since paused and rebooted several times, causing widespread confusion among companies and consumers and in the markets. Several retailers have reduced or withdrawn their guidance and indicated that they would raise prices due to the uncertainty surrounding the tariff regime. Meanwhile, Trump said that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick would travel to London along with U.S. Trade Representative Jameson Greer on June 9 for renewed trade talks with China, adding that "the meeting should go very well." Related: Lululemon's latest viral product reveals something much bigger Lululemon's stock sank nearly 20% on June 6. The shares are off 31% in 2025 and down roughly 18% from a year earlier. Several investment firms issued research reports on Lululemon following the earnings report, including Needham, which lowered its price target to $317 from $366 and affirmed a buy rating on the shares, according to The Fly. The company posted fairly lackluster Q1 results, though the selloff in the stock seems "aggressive" relative to the size of management's guidance cut, the investment firm said. That's particularly since the guidance reduction is mostly tariff-driven, and also considers that management struck an encouraging tone about how new products are performing, Needham said. Lululemon's domestic business remains sluggish, however, while international comparable-sales growth slowed in Q1, likely raising questions about the growth algorithm going forward, Needham added. Telsey Advisory analyst Dana Telsey pared the firm's price target on Lululemon to $360 from $385 and maintained an outperform rating. The Q1 results "nicely topped" the Wall Street consensus and the company's guidance, Telsey said. Consumers continue to respond well to newness and new-product launches, Tesley added. BMO Capital lowered its price target on Lululemon to $250 from $302 and maintained a market-perform rating. The company reported what the investment firm called a slight top- and bottom-line beat to estimates, with better gross margins partly offset by a miss of estimates for selling, general and administrative expense. But looking ahead, BMO Capital said, management guided in Q2 "materially below" estimates and pared the fiscal 2025 outlook for gross margin and earnings due to tariffs and markdowns. This marks the first time the company has lowered its fiscal-year earnings forecast at Q1 since fiscal 2014, BMO Capital said. Related: Fund-management veteran skips emotion in investment strategy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Indianapolis Star
2 hours ago
- Indianapolis Star
🔥 Up to 43% off dad-approved HexClad cookware, grill tools, pizza essentials
Father's Day is coming up on Sunday, June 15 and it is time to figure out what you want your favorite guy to open up on his big day! Just in time for BBQ season, you can find the best cookware, grill tools and pizza party essentials on sale. HexClad is offering up to 43% off during this epic Father's Day cookware sale—and your dad is gonna love it. Shoppers can score major savings on best-selling cookware sets, nonstick pots and pans, exclusive grill bundles and even new sets to help dad throw the ultimate pizza parties this summer. Whether you're upgrading your own kitchen or gifting a home chef, this Father's Day cookware sale is the best time to invest in HexClad's hybrid stainless steel cookware for less. Shop HexClad's Father's Day sale 💰 All HexClad purchases come with free shipping, 30-day return guarantee and lifetime warranty. With up to $1,456 off chef Gordon Ramsay-backed cookware, these discounts are perfect for upgrading your kitchen cabinets for summer 2025. Don't miss our favorite summer deals on a set of sharp Japanese Demascus knives or the grill pan and cleaver bundle for the ultimate BBQ master in your life. Exclusive: Get the HexClad Board Boss Bundle for Father's Day New for Father's Day: Save 25% on the HexClad Steak Lovers' Bundle 🥩 Prime cuts, prime savings: Up to 20% off Father's Day gifts from Snake River Farms Father's Day pizza party: 20% off an indoor/outdoor pizza oven that cooks in 2 minutes 🍕 Shop HexClad cookware deals Father's Day 2025 is celebrated on Sunday, June 15. HexClad cookware is designed to last a lifetime. Warranty terms vary by product and do not cover damage resulting from failing to follow care and use guidelines. To activate your lifetime warranty, simply submit this form. The warranty is limited to the original customer or recipient with proof of purchase and is non-transferable. It covers only products bought new from HexClad or authorized sellers, excluding commercial/restaurant use. Each warranty is subject to the disclaimers and general terms at the bottom of this page. HexClad will replace any damaged products under the lifetime warranty, but the customer may be responsible for return shipping fees. HexClad cookware features a patented hexagonal design and cutting-edge technology that combines the best of stainless steel and non-stick surfaces to offer top-notch cooking performance. With even heat distribution, durable designs built to last a lifetime and versatile features like being oven-safe and dishwasher-safe, HexClad cookware is unmatched.
