'Progress made' in Japan-US tariff talks
'Progress made' in Japan-US tariff talks
Ryosei Akazawa says some progress has been made in tariff talks ahead of the G7 summit later this month. File photo: Reuters
Japan has made some progress in a fifth round of trade talks with US officials aimed at ending tariffs that are hurting Japan's economy, according to Tokyo's chief tariff negotiator.
"Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50 percent along with 10 percent 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 US officials before the Group of Seven (G7) leaders summit that starts on June 15, where US President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba.
Japan also faces a 24 percent 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 US 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 US, Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the US auto industry, the Asahi newspaper reported on Friday.
Akazawa said Japan's position has not changed and that the tariffs are not acceptable. (Reuters)
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