Latest news with #G-7
4 hours ago
- Business
Akazawa to Visit U.S. This Week for Tariff Talks
News from Japan Economy Jun 2, 2025 14:55 (JST) Tokyo, June 2 (Jiji Press)--Japanese economic revitalization minister Ryosei Akazawa is expected to visit the United States this week for the fifth round of negotiations over Washington's tariffs, people familiar with the matter said Monday. The Japanese chief tariff negotiator is likely to hold talks with U.S. Treasury Secretary Scott Bessent and others in Washington as early as Thursday. Tokyo and Washington are exploring the possibility of reaching an agreement at a meeting of the two countries' leaders on the sidelines of a Group of Seven summit in Canada in mid-June. Japanese Prime Minister Shigeru Ishiba may visit the United States before the G-7 summit for a possible meeting with U.S. President Donald Trump. Akazawa returned home from the fourth round of negotiations with U.S. officials only on Sunday. [Copyright The Jiji Press, Ltd.] Jiji Press
Asahi Shimbun
2 days ago
- Business
- Asahi Shimbun
Japan says there is no easy concession on U.S. tariffs, seeks more talks in June
Ryosei Akazawa, right, minister in charge of economic revitalization, shakes hands with U.S. Treasury Secretary Scott Bessent ahead of tariff negotiations in Washington on May 30. Bessent is accompanied by Commerce Secretary Howard Lutnick. (Pool) Japan and the U.S. on Friday agreed to hold another round of trade talks ahead of the G-7 summit next month, Japan's top tariff negotiator said, stressing that no deal would be without concessions on all Washington's tariffs, including on autos. Japan's Economy Minister Ryosei Akazawa met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in Washington for 130 minutes in a fourth round of the trade negotiations. "We agreed to accelerate the talks and hold another round ahead of the G-7 summit in June, where the leaders from Japan and the United States are set to meet," Akazawa told Japanese media gathered at the Japanese embassy in Washington. The U.S. side, led by Bessent and Lutnick, called Friday's talks "frank and constructive." "Secretary Bessent highlighted to Minister Akazawa the importance of addressing tariffs and non-tariff measures, increasing investment, and working together to address economic security and other issues of mutual concern," a Treasury Department statement said. 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. Akazawa said Japan's position has not changed that the tariffs are not acceptable and he is "strongly urging" the U.S. to immediately reconsider and drop all the tariffs, including those levied on automobiles, auto parts, aluminum and steel. "If our requests to do that are met, we may be able to come to an agreement," Akazawa told Japanese media gathered at the Japanese embassy in Washington. "But if that is not possible, then it will be difficult for us to agree to a deal." Japanese government sources said before the latest meeting that an immediate deal was unlikely, as they would never hastily seal a deal that would not benefit Japan, particularly the automobile sector. Akazawa declined to give details of the latest discussions, but said trade expansion, non-tariff barriers and cooperation in economic security have been on the agenda at every meeting. Semiconductor supply chains and rare earths are among economic security topics, he added. He also said, while he was closely monitoring Nippon Steel's possible deal for U.S. Steel, he could not yet comment on it due to a lack of any official announcement from the U.S. government.
Straits Times
3 days ago
- Business
- Straits Times
Japan says no easy concession on US tariffs, seeks another round in June
Mr Ryosei Akazawa (third from right) briefing members of the media at the Japanese embassy in Washington on May 30, after his talks with US Treasury Secretary Scott Bessent and US Commerce Secretary Howard Lutnick. PHOTO: BLOOMBERG Japan says no easy concession on US tariffs, seeks another round in June WASHINGTON - Japan and the US on May 30 agreed to hold another round of trade talks ahead of the Group of 7 (G-7) summit in June, Japan's top tariff negotiator said, stressing that no deal would be without concessions on all Washington's tariffs, including on autos. Japan's Economy Minister Ryosei Akazawa met US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in Washington for 130 minutes in a fourth round of the trade negotiations. "We agreed to accelerate the talks and hold another round ahead of the G-7 summit in June, where the leaders from Japan and the United States are set to meet," Mr Akazawa told Japanese media gathered at the Japanese embassy in Washington. Japan faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with the US. It is also scrambling to find ways to get Washington to exempt its automakers from 25 per cent tariffs on automobiles, Japan's biggest industry. Mr Akazawa said Japan's position has not changed that the tariffs are not acceptable and he is "strongly urging" the US to immediately reconsider and drop all the tariffs, including those levied on automobiles, auto parts, aluminium and steel. "If our requests to do that are met, we may be able to come to an agreement," Mr Akazawa told Japanese media gathered at the Japanese embassy in Washington. "But if that is not possible, then it will be difficult for us to agree to a deal." Japanese government sources said before the latest meeting that an immediate deal was unlikely, as they would never hastily seal a deal that would not benefit Japan, particularly the automobile sector. Mr Akazawa declined to give details of the latest discussions, but said trade expansion, non-tariff barriers and cooperation in economic security have been on the agenda at every meeting. Semiconductor supply chains and rare earths are among economic security topics, he added. He also said, while he was closely monitoring Nippon Steel's possible deal for US Steel, he could not yet comment on it due to a lack of any official announcement from the US government. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Bloomberg
3 days ago
- Business
- Bloomberg
Western Oil Tanker Firms Flock Back to Russia After Price Plunge
From Athens to New York, oil tanker companies from Group of Seven nations are flocking back to the Russian oil trade. Tumbling global oil prices this year brought western-owned ships back into legal compliance with a G-7 cap that was designed to curb the Kremlin's access to petrodollars. At the same time, sweeping farewell sanctions from the outgoing Biden administration temporarily disrupted a so-called shadow fleet of vessels that Russia had been using.
Straits Times
5 days ago
- Politics
- Straits Times
Russia masses over 50,000 troops for offensive on northeastern Ukraine, Zelensky says
Ukrainian President Volodymyr Zelensky said Kyiv has taken steps to prevent Russia's troops from conducting a large-scale offensive. PHOTO: AFP KYIV - Russia has massed more than 50,000 troops, including some of its best forces, near Ukraine's northeastern Sumy region, but Kyiv has taken steps to prevent them from conducting a large-scale offensive, Ukrainian President Volodymyr Zelensky said. The build-up comes as Russia appears to be gearing up for a summer offensive in Ukraine while Kyiv waits for Moscow to present a memorandum laying out its conditions to proceed with ceasefire talks. Sumy lies across the border from Russia's Kursk region where Ukraine previously seized and held a pocket of land for months, before being almost fully pushed out in April, although it says it still holds some small areas there. "Their largest, strongest forces are currently on the Kursk front," Mr Zelensky told reporters on May 27. "To push our troops out of the Kursk region and to prepare offensive actions against the Sumy region." Russian leader Vladimir Putin has said he wants a "buffer zone" along Russia's border with Ukraine. Mr Zelensky said he believed Russia wants to carve out an area of Ukrainian territory about 10km. Russia has captured at least four border villages in the region recently, and has been creeping slowly forwards over the past several weeks on parts of the front line in eastern Ukraine near the city of Kostiantynivka. However, the Ukrainian leader said that the Russians had been pushed back in that area by 4km over two days. Mr Zelensky told reporters in a briefing that his government was ready for further peace talks in any format. He said he expected the next round to be at a technical level, but said he would be ready for a three-way meeting with US President Donald Trump and Mr Putin. He said he did not want the United States to leave the Ukraine peace process, as Washington has threatened to do if progress is not made. Venue for talks Ukraine and Russia swopped 1,000 captives each after a meeting of the two countries' delegations in Istanbul nearly two weeks ago which failed to produce a ceasefire sought by Ukraine, the US and Europe. Mr Zelensky said he viewed Turkey, the Vatican and Switzerland as the most realistic venues for further negotiations with Russia. He said interest in hosting talks had also been expressed by Malta, as well as unspecified African nations. Reuters previously reported that Moscow does not see the Vatican as a serious venue for talks. Mr Zelensky said Russia had signalled that it wanted talks to take place in Belarus, a suggestion Kyiv regarded as unserious and impossible given Russian troops used the country as a launchpad to invade Ukraine in 2022. He also said that he will attend the next G-7 summit after being invited by Canadian Prime Minister Mark Carney, whose country currently holds the bloc's rotating presidency. He added that he will likely take part in the next EU summit. Speaking about Ukraine's domestic arms production, Mr Zelensky said he wanted US$30 billion (S$38 billion) for Ukraine this year to fully fund the available capacity of the rapidly expanding sector. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
