Nissan CEO denies eroding Renault partnership despite looser cross ties
YOKOHAMA, Japan -- Nissan Motor's new chief executive insists the Japanese automaker's partnerships with Renault and Mitsubishi Motor remain strong, despite a weakening of capital and boardroom ties.
Ivan Espinosa, who took the helm at Nissan in April, has identified a key role for its partners, as he seeks to step up the pace of restructuring at the loss-making group.
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Kyodo News
an hour ago
- Kyodo News
Japan PM Ishiba to attend G7, eyes summit with Trump over tariffs
KYODO NEWS - 7 hours ago - 01:01 | All, World, Japan Japanese Prime Minister Shigeru Ishiba embarked on a four-day trip to Canada on Sunday to attend the first in-person summit of leaders from the Group of Seven nations since Donald Trump's return to the U.S. presidency. The two-day gathering starting Monday comes amid a slew of challenges, both bilateral and global, ranging from the repercussions of Trump's tariff policy, symbolic of his "America First" agenda, to a flareup in tensions following Israel's attack on Iran just days before the summit. "It is of utmost importance that the G7 will not waver in its unity to tackle various issues," Ishiba told reporters before departing for Canada. As the leader of the only Asian member of the G7, Ishiba said he will talk about the situation in the Indo-Pacific and stress the role of the group, which marks this year a half-century since its inception, in maintaining peace and stability "be it in Ukraine, the Middle East or Asia." China, not a G7 member, has been expanding its influence and increasing its assertiveness in the Indo-Pacific region. For Ishiba, who is participating in his first face-to-face G7 summit, an envisioned meeting with Trump will be one of the highlights of the visit as the longtime allies have been advancing ministerial tariff negotiations to reach a deal. The Ishiba-Trump summit is expected to grab attention in Japan. Higher U.S. tariffs on cars and auto parts as well as steel and aluminum are threatening to hurt the export-driven economy as a nationwide House of Councillors election is set for July 20, a crucial test for a prime minister facing a public hit by persisting inflation. Japan has been urging the United States to rethink its tariff measures through several rounds of ministerial negotiations, but tangible results have yet to be seen. In the run-up to his meeting with Trump, Ishiba has indicated that Japan will not rush to make a deal at the expense of its national interests. In a reversal of his previous stance, Trump effectively approved the takeover of United States Steel Corp. by Nippon Steel Corp., though the U.S. government will hold a "golden share" giving it veto power over important management decisions. "It's a symbolic deal in the sense that it will boost bilateral economic relations and partnership," Ishiba said of the steel deal, expressing his intention to make sure it can prove effective in building stronger supply chains. At the G7, the leaders will cover a range of topics, from uncertainty over global growth and trade disputes stemming from Trump's tariff policy to Russia's war on Ukraine, and most likely the situation in the Middle East. The leaders are also expected to discuss ways to make supply chains more resilient and better use new technologies such as artificial intelligence. In what would be a rare move by a group known for its unity, the G7, under the rotating presidency of Canada, is unlikely to issue a joint declaration to wrap up their discussions but release documents on specific points, according to sources familiar with the planning. On the fringes of the G7 summit, Ishiba is expected to explore one-on-one talks with leaders such as South Korea's new President Lee Jae Myung and Ukrainian President Volodymyr Zelenskyy, who are also expected to attend part of the multilateral meeting as non-members of the G7. The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union. Related coverage: Japan negotiator mum on if Japan, U.S. can strike tariff deal at G7 Ishiba, Trump to meet on G7 fringes: Japan PM Japan hopes for special treatment as Trump hints at auto tariff hike
Asahi Shimbun
an hour ago
- Asahi Shimbun
Ishiba heads to G-7 to press Trump to drop auto tariffs
Japanese Prime Minister Shigeru Ishiba heads to Canada on Sunday for trade talks with U.S. President Donald Trump, hoping to persuade him to drop trade tariffs that have imperiled Japan's auto companies and threaten to undermine his fragile government. The two are expected to meet on the sidelines of a summit of the Group of Seven nations in Kananaskis, Alberta, for their second in-person encounter. It follows a sixth round of high-level trade talks in Washington on Friday. Japan's top tariff negotiator, Ryosei Akazawa, said he explored the possibility of an deal in detailed meetings with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. "I will make every possible effort to reach an agreement that benefits both Japan and the United States," Ishiba told reporters before leaving Japan. The timing of his meeting with Trump was still being discussed between the two countries, he added. The trick for Ishiba, who spoke with Trump by phone on Friday, will be to get the president to drop the 25% tariff he imposed on Japanese cars, as well as a paused 24% across-the-board levy that Trump calls a reciprocal tariff, without making concessions that could hurt the prime minister's public support at home. Returning to Tokyo with no deal would be better politically than conceding too much, analysts say. "If it goes badly, it could even be seen as a positive for Ishiba, standing up to Trump and standing up for his country when he's under assault," said Michael Cucek, a political science professor at Temple University in Tokyo. Ishiba and his ruling Liberal Democratic Party face an Upper House election next month that comes after a Lower House loss in November that left him reliant on the support of other parties to stay in power. Another poor electoral result could bring down his government and would force Trump to reset trade talks with a new Japanese administration. "The most important thing is that Ishiba does not cave in for a bad (auto) deal," said Joseph Kraft, a financial political analyst at Rorschach Advisory in Tokyo. "I expect there will be some kind of deal, although it could be haphazard. Trump needs some good news and I don't think he has much interest in G-7 activities." Failing to reach an agreement in Canada might not have an immediate economic impact on Japan, but tariffs that stay in place will eventually drag down growth, said Asuka Tatebayashi, senior analyst at Mizuho Bank. "If you look at the data for car exports to the U.S. for April, it was quite striking. The volume in dollars was down by nearly 5%, but the number of cars has increased a lot," she said. "It means either they are only selling cheap cars or the manufacturers are absorbing the cost. I think the latter is the case and this is not very sustainable." Tariffs could shave 0.9% off Japan's gross domestic product, Mizuho Research & Technologies estimated in a report in April.
Asahi Shimbun
2 hours ago
- Asahi Shimbun
Japan and U.S. trade negotiators spoke again on Saturday, Tokyo says
Ryosei Akazawa, minister in charge of economic revitalization, speaks to reporters after the sixth round of Japan-U.S. tariff negotiations in Washington, D.C., on June 13. (Asahi Shimbun file photo) Japan's top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick spoke by phone for 30 minutes on Saturday and explored the possibility of a trade deal, the Japanese government said in a statement. Akazawa held separate in-person meetings on Friday with both Lutnick and Treasury Secretary Scott Bessent -- meetings that Akazawa had described to media on Friday as very detailed and an advance towards a potential trade agreement. Using similar language, the Japanese government statement described Saturday's discussion between Akazawa and Lutnick as "very in-depth" and said the two sides "explored the possibility of reaching an agreement that would benefit" both countries. The statement said the negotiations occurred "with an eye towards" the planned meeting between Prime Minister Shigeru Ishiba and U.S. President Donald Trump on the sidelines of the Group of Seven leaders' summit that begins on Sunday in Canada. Japan has been hoping to clinch a deal at the summit. Japan faces a 24% tariff rate starting in July unless it can negotiate a deal with the U.S. It is also scrambling to find ways to get Washington to exempt its automakers from 25% tariffs on automobiles, Japan's biggest industry.
