Latest news with #EconomicRevitalisation
Reuters
22-05-2025
- Business
- Reuters
Japan trade negotiator Akazawa to visit US for tariff talks from Friday
TOKYO, May 22 (Reuters) - Japan's top trade negotiator Ryosei Akazawa plans to visit Washington from Friday to Sunday for negotiations over U.S. tariffs, he said on Thursday. Akazawa said details of the upcoming talks, including who will be attending from the U.S. side, have yet to be fixed. "While continuing to demand firmly the U.S. reconsideration over the tariffs, I plan to tackle the talks candidly and constructively to achieve an agreement that is beneficial for both Japan and the United States as early as possible," Economic Revitalisation Minister Akazawa told reporters. TV Tokyo reported earlier on Thursday that Akazawa had a phone conversation with U.S. Treasury Secretary Scott Bessent before Wednesday, where Bessent expressed reluctance to meet Akazawa this week, but agreed to hold talks next week.
Euronews
21-05-2025
- Business
- Euronews
Japan shipments to US decline as trade tariffs slow export growth
Japan's exports to the United States, its largest single trading partner, fell nearly 2% in April as tariff hikes imposed by President Donald Trump hit home. Globally, exports rose just 2% year-on-year, down from 4% in March, leaving a trade deficit for the first time in three months. Imports from the United States fell more than 11% in April, while total imports slipped 2.2%. Weakening exports could drag on growth after the economy contracted 0.7% in the last quarter. Japan is asking the Trump administration to scrap its tariffs on imports from Japan, but so far, the US has not agreed to do so. Trump's tariffs are likely to hurt Japan's giant exporters, especially the automakers, not only for products shipped from Japan, but from other nations, like Mexico and Canada. 'Regional automakers face increased operating costs and potential revenue losses because their US sales depend on diverse production bases and supply chains,' S&P Global Ratings said in a report. The US is charging a 25% tariff on imports of autos, a mainstay of Japan's trade with the US and a key driver of growth for the economy. Trump has relaxed some of those tariffs but has kept higher tariffs on steel and aluminium in place. Japan's vehicle exports fell nearly 6% in April from the year before. Overall, the Finance Ministry said April's trade deficit totalled JP¥115.8 billion (€710 million), compared with JP¥504.7bn (€3bn) a year earlier. The Japanese yen has recently gained against the US dollar, eroding the value of exports in yen terms. The dollar is trading at about JP¥144, down from about JP¥155 a year ago. Exports picked up earlier in the year as businesses rushed to beat tariffs that have gradually taken effect since Trump took office for a second time. While trade with the United States has suffered, exports to other regions such as Southeast Asia have expanded. Economic Revitalisation Minister Ryosei Akazawa, Japan's main tariff negotiator, is due to visit the US soon for talks, likely over the weekend, in the third round of those talks.
