Japan is sticking to demand for US to eliminate tariffs, trade envoy says
Japan was the first major economy to start bilateral trade talks with Washington. (EPA Images pic)
TOKYO : Japan's top trade negotiator, Ryosei Akazawa, said today that there was no change to Tokyo's stance of demanding an elimination of US tariffs in bilateral trade negotiations.
'Tokyo will not rush into clinching a trade deal if doing so risked hurting the country's interests,' he said.
'The slew of US tariffs, including reciprocal tariffs as well as those on automobiles, car parts, steel and aluminium, are regrettable.
'There's no change to our stance of seeking a review, which is to say an elimination, of them,' Akazawa told a regular press conference.
Akazawa said the two countries held working-level trade talks in Washington yesterday.
'The schedule of a third round of ministerial-level negotiations was yet to be fixed,' he added.
Japan's Kyodo news agency reported today that Akazawa will travel to Washington this week to attend the third round of talks, potentially starting on Friday.
US trade representative Jamieson Greer is expected to attend the talks, while treasury secretary Scott Bessent will be absent, Kyodo reported without citing sources.
On April 2, US President Donald Trump imposed 10% tariffs on all countries except Canada, Mexico and China, along with higher tariff rates for many big trading partners, including Japan, which faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington.
Japanese policymakers and ruling party lawmakers have said they see no merit in striking a deal with the US unless a 25% tariff on automobile imports is lifted, given the industry's economic importance.
While Japan was the first major economy to start bilateral trade talks with Washington, Britain was the first to strike a deal with the Trump administration.
China and the US also agreed to a 90-day truce in their trade war that had threatened a global recession.
With initial hope of a quick deal failing, the Nikkei newspaper reported last week that Japan may water down its demand to a reduction, rather than an elimination, of US tariffs.
A source with knowledge of the negotiations has told Reuters that Japan is considering a package of proposals to gain US concessions that may include increased imports of US corn and soy, technical cooperation in shipbuilding, and revision to inspection standards for imported automobiles.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
5 hours ago
- The Star
Ringgit closes slightly higher against US$ on cautious sentiment
KUALA LUMPUR: The ringgit closed higher against the US dollar on Tuesday, as traders remain cautious ahead of United States (US) President Donald Trump and China's President Xi Jinping's expected meeting this week, said an analyst. At 6 pm, the local note inched higher to 4.2425/2485 versus the greenback from last Friday's close of 4.2530/2605. SPI Asset Management managing partner Stephen Innes said traders are slipping into a wait-and-see approach ahead of the Trump-Xi meeting, which could be a key factor in market risk for the rest of the week. "Given that the US is the world's leading importer and China its largest exporter, their relationship could shift market sentiment in favour of the dollar, easing concerns about supply chain disruptions and imported inflation. "This dynamic leaves emerging currencies like the ringgit in a reactive position -- caught between two economic superpowers whose trade decisions heavily influence global pricing trends,' he told Bernama. At the close, the ringgit traded lower against a basket of major currencies. It slipped against the Japanese yen to 2.9695/9739 from Friday's close of 2.9531/9585, eased vis-a-vis the euro to 4.8415/8484 from 4.8169/8254, and depreciated against the British pound to 5.7337/7418 from 5.7284/7385 previously. The local note traded mixed against its ASEAN peers. It was slightly higher versus the Indonesian rupiah at 260.1/260.6 compared to 260.4/261.1 on Friday, and gained against the Philippine peso to 7.61/7.63 from 7.62/7.64 previously. However, it fell against the Singapore dollar to 3.2967/3016 from 3.2938/3002 on Friday and weakened vis-a-vis the Thai baht to 13.0334/0603 from 12.9507/9790 previously. - Bernama
Barnama
6 hours ago
- Barnama
Rubber Market Ends Slightly Higher
KUALA LUMPUR, May 29 (Bernama) -- The Malaysian rubber market ended slightly higher, supported by gains in crude oil prices. A dealer said that further gains were capped by a mixed performance in the regional rubber futures markets. She said the Japanese rubber futures traded within a thin range on Thursday as investors weighed a prolonged price war in China's vehicle market against wet weather in key production areas.
New Straits Times
6 hours ago
- New Straits Times
From a RM250 salary to Malaysia's Top 50 richest list
JOHOR BARU: A modest RM250 monthly salary selling cars marked the beginning of Lim Han Weng's career, decades before his name joined the ranks of Malaysia's 50 richest. Then, Lim was just a Kedah lad trying to land a job with his high school certification, as he knew his results would not secure his passage to university. So, the best next option, was to get a job, - any job in fact. Lim applied for a series of vacancies advertised, including to be a steward with the national airline company. But all he got was a string of job rejection letters to his name. Today, at 73, Lim is the founder of Causeway Link—the iconic yellow buses that ferry thousands across the Johor-Singapore border. But his rise to the top did not come from privilege. His first break came when he landed a job at Wearne Brothers, earning RM250 a month selling cars. The company operated in Singapore and later expanded into Malaya, with dealerships for various premium brands. Lim had to pitch high-end models to small-town buyers who mostly preferred Japanese cars. His sales target: two cars a month. The tycoon said meeting the target taught him discipline, perseverance, and mostl importantly the art of selling. He later joined Lori Malaysia, a logistics company that sent him around the country before assigning him to its Johor branch—a turning point in his life. "A driver told me… Johor is where the money can be made, given its proximity to Singapore, and he was right. I stayed," the tycoon told a Singapore-based publication. By 1984, he and his wife Bah Kim Lian launched Yinson Transport, a small trucking business moving goods across the border. That venture would morph into Yinson Holdings - a global energy logistics giant and a major player in offshore oil and gas supplies. In 1996, Yinson was listed on Bursa Malaysia but Lim didn't stop there. He diversified into renewables, marine support, and later electric vehicle charging. In Singapore, he founded Liannex Corporation in 1993, expanding into marine logistics, port operations, and construction supplies. Earlier this year, Liannex acquired Icon Offshore and rebranded it as Lianson Fleet Group. By June 2, its market value had soared past RM670 million. But what cemented his legacy for ordinary Malaysians was the launch of Causeway Link in 2003. Spotting a need among cross-border commuters, Lim built the service from scratch. "There were so many hurdles - permits, finance, manpower. But we pushed through," he was quoted by Singapore's the Straits Times. The company was listed this year as HI Mobility, with expansion plans into smart transport systems. Despite a reported family fortune of US$480 million (RM2.3 billion), Lim remains directly involved in operations, even answering WhatsApp messages from angry passengers or the Johor Menteri Besar Datuk Onn Hafiz Ghazi, himself. His son, Lim Chern Chuen, now CEO of HI Mobility, admitted: "It's hard for him to retire. Our dinner chats are mostly work-related. For him, business is also joy." Lim's children - Chern Yuan (Yinson), Chern Wooi (Lianson), and Chern Fang alongside Chern Chuen (HI Mobility), now run the family's public-listed portfolio. Lim raised them independently, sending them to Australia under age 10. "No helpers, no mollycoddling. Let them survive. If parents keep feeding them, they'll never learn to stand up." He's still involved in business deals, particularly in Indonesia. "My kids don't speak the language, so I handle it. If you retire, your brain will rust," he said. A firm believer in entrepreneurship, Lim often encourages others to strike out. "Some bankers I've dealt with are now business owners. I told them, take the risk."
