
Akazawa in Washington for trade talks after weekend's election
Tokyo wants to strike a deal before US President Donald Trump's August 1 deadline for 25 percent tariffs.
Shortly after landing, Japanese Economic Revitalization Minister Akazawa Ryosei told reporters, "These are negotiations involving our national interests, so whether we won or lost an election is fundamentally irrelevant."
He added, "We will continue vigorous discussions to find a mutually agreeable solution between Japan and the United States, while firmly protecting our interests."
It is Akazawa's eighth trip to the US capital to negotiate tariffs. He would like to hold talks with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent.
But Bessent said in a CNBC interview on Monday that he does not intend to rush the negotiations.
He noted that the US is more concerned with getting "high quality deals" than meeting the deadline.
He also said that regardless of the election's outcome, Washington is prioritizing "getting the best deal for the American people."
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Yomiuri Shimbun
26 minutes ago
- Yomiuri Shimbun
Ishiba Orders Support for Smaller Businesses in Face of U.S. Tariffs; Informs Party Leaders of Deal's Details
Prime Minister Shigeru Ishiba met with the leaders of seven ruling and opposition parties on Friday at the Diet building, where he offered details on the tariff agreement reached with the United States earlier this week. Earlier on Friday, Ishiba instructed relevant ministers to devise support measures for small and midsize enterprises in the face of U.S. tariffs, at a meeting of the comprehensive response headquarters for U.S. tariffs at the Prime Minister's Office. 'We were able to reach an agreement that allows both Japan and the United States to secure their national interests, while still protecting what needed to be protected,' Ishiba said at the beginning of the meeting with the party leaders. The prime minister reportedly sought understanding for the agreement from the leaders, namely the heads of ruling coalition partner Komeito, the Constitutional Democratic Party of Japan, the Japan Innovation Party, the Democratic Party for the People, Reiwa Shinsengumi, the Japanese Communist Party and Sanseito. The meeting lasted about 70 minutes. To try to alleviate the impact of new U.S. tariffs on Japan's economy, Ishiba told ministers to ensure that small and midsize companies receive aid through support offices that have been set up at about 1,000 locations nationwide. This aid includes financing and help retaining employees. U.S. Treasury Secretary Scott Bessent has warned that Washington will review its tariffs on Japan if it thinks the country is not fulfilling the agreement. Consequently, Ishiba also told the ministers to manage implementation of the agreement. At the meeting of the comprehensive response headquarters, Ishiba stressed the significance of the deal. 'The agreement is extremely important for ensuring Japan's economic security and economic growth going forward,' he said, adding, 'I will work to implement the agreement and further develop Japan-U.S. relations in every area.'


Yomiuri Shimbun
an hour ago
- Yomiuri Shimbun
Prime Minister Ishiba to Step down: Make Announcement Early to Allow Quick Formation of New Administration
Perhaps Prime Minister Shigeru Ishiba is thinking that he cannot toss out his administration given the schedule of important domestic and diplomatic events ahead. However, if Ishiba, having now become a lame duck, delays the announcement of his resignation, he will only prolong the political chaos. Ishiba initially indicated he would stay in office after his ruling coalition suffered a crushing defeat in the House of Councillors election, but now he likely is resolved to step down. It is believed that the conclusion of tariff negotiations with the United States prompted his decision to resign. However, on the surface, Ishiba still asserts a desire to run the government. During a meeting with three former prime ministers — Taro Aso, Yoshihide Suga and Fumio Kishida — he made no clear statement on whether he would step down, he said. In the ruling Liberal Democratic Party, including in its local organizations, there is a growing movement calling for Ishiba to step down. In accordance with party rules, a campaign has begun to collect signatures to bring forward the party presidential election. If a majority of the party's Diet members and representatives from its prefectural chapters support this motion, a presidential election is supposed to be held. When the party presidency becomes vacant part way through a presidential term, for example, the party rules allow for the LDP's Diet members to vote on a leader at a general meeting of lawmakers in both houses, with no vote by rank-and-file members. This is meant to minimize as much as possible the risk of a political vacuum. With Ishiba's three consecutive losses as LDP president — in last year's House of Representatives election, the Tokyo Metropolitan Assembly election and the recent upper house election — it is obvious that he no longer has the people's trust. It is quite natural that there is a movement within the LDP calling for Ishiba to step down. However, Ishiba has indicated he will meet with U.S. President Donald Trump after an agreement was reached in Japan-U.S. tariff talks. In August, memorial services are scheduled to be held on the anniversaries of the end of World War II and the atomic bombings of Hiroshima and Nagasaki. The Tokyo International Conference on African Development (TICAD), in which Japan has long taken the lead, will be held in Yokohama from Aug. 20 to 22. Ishiba plans to attend all of these events. Lawmakers close to Ishiba believe that a formal announcement of his resignation will be made after these events. However, if he delays his announcement, the party will not be able to officially start the process of choosing a new president. Japan's credibility abroad will suffer if intra-party strife intensifies and politics continues to be unstable. It would also be difficult for the ruling parties, which now comprise a minority in both houses of the Diet, to find a partner with whom to work toward a new coalition. In fact, Yoshihiko Noda, president of the Constitutional Democratic Party of Japan, has called for Ishiba's resignation, saying, 'Will he stay in office by ignoring the will of the people?' Seiji Maehara, co-representative of the Japan Innovation Party, has also rejected the idea of forming a coalition with the Ishiba administration, and indicated that if the JIP were to cooperate, it would be with a 'post-Ishiba' LDP. In order to quickly choose a new party president who can readily cooperate with the opposition, Ishiba should announce his resignation soon, taking the formal agreement in Japan-U.S. tariff talks as his main achievement in office. (From The Yomiuri Shimbun, July 25, 2025)


Kyodo News
2 hours ago
- Kyodo News
FOCUS: Trade deal with U.S. still weighs on Japan's inflation-hit economy
TOKYO - The Japan-U.S. trade deal provides only a brief relief, as tariffs remain at higher levels than before, threatening to hinder Japan's inflation-plagued economy from recovering, analysts say. While Japan offered an increased $550 billion investment in the U.S. market, according to a social media post by U.S. President Donald Trump, worries remain about the impact of tariffs on Japanese businesses. Shinichiro Kobayashi, principal economist at Mitsubishi UFJ Research and Consulting, said the deal is positive in a sense that uncertainty was removed for Japanese companies to make business plans. But "the tariff rates have been raised significantly since President Trump took office, and the situation remains the same," he said. The increasing risk of a U.S. economic slowdown means the agreement is not expected to guarantee a boost to Japan's exports, Kobayashi said. Tariffs on steel and aluminum products remain at 50 percent and Trump said he would impose a 50 percent tariff on copper imports and reiterated he will soon unleash sector-based duties, including some aimed at protecting the American pharmaceutical and semiconductor industries. Hideo Kumano, an executive chief economist at Dai-ichi Life Research Institute, said as far as the 15-percent reciprocal tariffs levied on Japanese goods are concerned, "it is difficult to say whether the risk of an economic slowdown for Japan has been removed." Japan's economy shrank an annualized real 0.2 percent in the January-March period, the first contraction in four quarters, as inflation bit into private consumption. Economists expect the Japanese economy to rebound in the April-June quarter but it is unclear whether companies will be able to offer high wage increases next year as seen in recent years if they are suffering from slowing exports to the U.S. market. Higher wages are expected to play a key role for Japan to get back on a steady growth path. A recent surge in long-term interest rates in financial markets also clouds the outlook for Japan's smooth economy recovery, as the move could dent corporate investment and consumer spending. Takahide Kiuchi, executive economist at Nomura Research Institute, said the Japan-U.S. tariff deal is expected to reduce Japan's gross domestic product by 0.55 percentage point in 2025. He had earlier projected the Japanese economy would be cut by 0.85 point under the assumption the reciprocal tariffs would be imposed at 25 percent. On the bright side, Japan and the United States did agree on 15 percent tariffs on Japanese cars and other products in the last-minute trade talks with the Trump administration on Tuesday in Washington. Japanese Prime Minister Shigeru Ishiba urged chief tariff negotiator Ryosei Akazawa to convince the U.S. administration of the benefit of Japan's massive investment plans. According to Akazawa, the prime minister said "What will benefit both Japan and the U.S. is investment rather than tariffs. Don't be afraid and don't give in. Push the point thoroughly." A senior Japanese government official said, "Mr. Trump was insisting on 20 percent (for the car tariff) until the very end. It was eventually dropped to 15 percent, and Mr. Trump seemed dissatisfied." A source close to the matter said Japan's strategy to identify U.S. Commerce Secretary Howard Lutnick as the key negotiator and convince him of the advantages of Japanese investment rather than imposing tariffs on Japan-made goods paid off. Starting in April, the Trump administration imposed a total tariff of 27.5 percent on foreign-made cars, and the president said earlier in the month the United States would impose 25 percent tariffs on imports from Japan starting Aug. 1 under "reciprocal" tariffs. The lower auto tariff, which will have a very large impact on the Japanese economy, is an important achievement," said Mieko Nakabayashi, professor at Waseda University specializing in U.S. politics. "Going forward, the government will be required to provide support to domestic companies in order to cope with the new tariff rates."