Japan says no easy concession on US tariffs, seeks another round in June
Mr Ryosei Akazawa (third from right) briefing members of the media at the Japanese embassy in Washington on May 30, after his talks with US Treasury Secretary Scott Bessent and US Commerce Secretary Howard Lutnick. PHOTO: BLOOMBERG
Japan says no easy concession on US tariffs, seeks another round in June
WASHINGTON - Japan and the US on May 30 agreed to hold another round of trade talks ahead of the Group of 7 (G-7) summit in June, Japan's top tariff negotiator said, stressing that no deal would be without concessions on all Washington's tariffs, including on autos.
Japan's Economy Minister Ryosei Akazawa met US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in Washington for 130 minutes in a fourth round of the trade negotiations.
"We agreed to accelerate the talks and hold another round ahead of the G-7 summit in June, where the leaders from Japan and the United States are set to meet," Mr Akazawa told Japanese media gathered at the Japanese embassy in Washington.
Japan faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with the US.
It is also scrambling to find ways to get Washington to exempt its automakers from 25 per cent tariffs on automobiles, Japan's biggest industry.
Mr Akazawa said Japan's position has not changed that the tariffs are not acceptable and he is "strongly urging" the US to immediately reconsider and drop all the tariffs, including those levied on automobiles, auto parts, aluminium and steel.
"If our requests to do that are met, we may be able to come to an agreement," Mr Akazawa told Japanese media gathered at the Japanese embassy in Washington.
"But if that is not possible, then it will be difficult for us to agree to a deal."
Japanese government sources said before the latest meeting that an immediate deal was unlikely, as they would never hastily seal a deal that would not benefit Japan, particularly the automobile sector.
Mr Akazawa declined to give details of the latest discussions, but said trade expansion, non-tariff barriers and cooperation in economic security have been on the agenda at every meeting.
Semiconductor supply chains and rare earths are among economic security topics, he added.
He also said, while he was closely monitoring Nippon Steel's possible deal for US Steel, he could not yet comment on it due to a lack of any official announcement from the US government. REUTERS
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