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Business Times
25 minutes ago
- Business Times
Japan expects only 1% to 2% of $550 billion US fund to be investment
[TOKYO] Japan expects only 1 to 2 per cent of its recently agreed upon US$550 billion US fund to be in the form of actual investment, with the bulk of it being loans, according to the nation's top chief negotiator Ryosei Akazawa. At the same time, Tokyo would save roughly 10 trillion yen (S$87 billion) through lower tariff rates in its deal with America, he said. The US$550 billion investment framework will be a combination of investments, loans and loan guarantees provided by financial institutions backed by the Japanese government, Akazawa said on public broadcaster NHK on Saturday (Jul 26) night. Of the total, investment would be worth 1 per cent or 2 per cent and the US and Japan would split the profits of that investment at a ratio of 90-10, he said. Japan had originally proposed a 50-50 ratio, he added. The fund is a centrepiece of the deal announced by the two sides that will impose 15 per cent tariffs on Japanese cars and other goods. But the details given by Akazawa suggest the Japanese may end up giving up much less than at first glance. The comments come as officials from countries with deals with the US sift through the terms to explain to the public what they entail. 'It's not that US$550 billion in cash will be sent to the US,' Akazawa said. 'By letting the US have 90 per cent of the profits rather than 50 per cent, I think Japan's loss will be at most a couple of tens of billions of yen. People are saying various things, such as 'You sold out Japan', but they are wrong.' For the loans provided through the programme, Japan will simply be collecting the interest payments, and for the loan guarantees, if nothing happens, Japan will also be just collecting fees, Akazawa said. 'For that part, Japan's just making money,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Akazawa also clarified that the investment programme will not be only supporting Japanese and US firms. As a potential example, he cited a Taiwanese semiconductor firm building a factory in the US. 'We'd like to put the US$550 billion in place during President Trump's term,' Akazawa added. Further details of the implementation of the US-Japan deal remain unclear, including when the new tariff rates would take effect and when the new investment vehicle would kick off. There's been no joint document signed by both sides for the deal, although the White House has published a fact sheet. 'If you say something like, 'Let's create a joint document,' they will say, 'We will lower tariffs after the document is created,'' Akazawa said. In order not to lose time, 'we will demand that they issue an executive order to lower tariffs as soon as possible, regardless of a document'. Last week, Akazawa said that he expects universal tariffs on Japan's shipments to be lowered to 15 per cent on Aug 1, while he said he wanted the car tariffs to be cut to 15 per cent as soon as possible without specifying a date. The Trump administration has touted the deal with Japan as a potential model for others. On Sunday, the US and European Union agreed on a deal that will see the bloc face 15 per cent tariffs on most of its exports, with the EU pledging to invest US$600 billion in the US. BLOOMBERG
Business Times
an hour ago
- Business Times
Asia: Most markets rise, euro boosted after EU strikes US trade deal
[HONG KONG] Most stock markets rose with the euro on Monday after the European Union and United States hammered out the 'biggest-ever' deal to avert a potentially damaging trade war. News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 per cent would be levied on EU exports to the United States. 'We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity,' Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase 'US$750 billion worth of energy' from the United States, as well as make US$600 billion in additional investments. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's a good deal,' von der Leyen said. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The news boosted the euro, which jumped to US$1.1779 from Friday's close of US$1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one per cent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five per cent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. 'The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities,' said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on Aug 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. AFP
AsiaOne
an hour ago
- AsiaOne
'We will not tolerate it': Car wash operators serving only Singapore vehicles risk losing business licences, says Johor govt, Singapore News
Local authorities in JB have been instructed to revoke the business licences of car wash operators who refuse to serve locals and cater exclusively to foreign customers, including those driving Singapore-registered cars. Speaking at the closing ceremony of the Johor Property Expo 2025 at Angsana Johor Bahru Mall on Thursday (July 24), State Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor said he viewed such behaviour seriously. "If someone is doing business in Johor but only prioritises foreigners while sidelining locals just for bigger profits, then we will not tolerate it," said Datuk Mohd Jafni, reported The Star. "I will instruct local councils to cancel the licences of any car wash operators who insist on only accepting foreign-registered vehicles, especially those from Singapore." Malaysian allegedly turned away by operator The move comes after a Malaysian claimed on social media that his car was refused service because the operators only catered to Singaporean customers. According to the man, he approached a car wash operator to get his car cleaned but was turned away, with one staff member allegedly telling him, "Singaporean cars only". It was also reported that the car wash operator, staffed by foreign workers, also turned away local customers, claiming all slots had been booked by Singaporean customers. According to the New Straits Times, Datuk Mohd Jafni also issued a warning to all business operators who prioritise large profits without considering the needs of locals. "I wish to remind these business operators not to focus solely on making money by prioritising foreigners. Yes, we understand they want to maximise profits, but they also have to understand their corporate social responsibility," he said. Datuk Mohd Jafni further stated that local authorities would be instructed to investigate such businesses and take firm action if the practice continues. [[nid:720205]]
