Latest news with #JapanUSrelations
NHK
3 days ago
- Business
- NHK
Japan's negotiator to head to US for another round of tariff talks
Japanese Economic Revitalization Minister Akazawa Ryosei is set to leave for Washington on Thursday for another round of tariff negotiations with the United States. Akazawa is scheduled to meet US Treasury Secretary Scott Bessent on Friday, local time. On Wednesday, Akazawa met with Japan's Chief Cabinet Secretary Hayashi Yoshimasa, who coheads the government's tariff task force with him, to confirm how to proceed with the negotiations. Akazawa told reporters that they discussed the final details and that he will negotiate firmly with the US side according to what was discussed. Japan views that in order to make progress in the tariff talks, it is essential to win over Bessent, as President Donald Trump is said to have great confidence in him. Bessent did not attend the previous negotiations last week. The Japanese government is making final arrangements for a new proposal. Based on Trump's previous remarks, it reportedly includes plans for expanding investment in the US and cooperation in shipbuilding. Japan is also expected to propose measures to make it easier to import US vehicles as Trump has been calling for a reduction of the trade deficit between the countries.
Japan Times
5 days ago
- Business
- Japan Times
Japan touts ships expertise and LNG investment, with tariff talks key
Japan may offer financial and technical contributions ranging from investment in an Alaskan liquefied natural gas pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the U.S. by mid-June. Japan will tout its prowess in building ice-breakers, a growing area of need as security concerns in the Arctic region mount, while also offering to help repair U.S. battleships that patrol the Asia-Pacific, Prime Minister Shigeru Ishiba said Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third round of discussions with U.S. counterparts in Washington. Akazawa said he hopes to reach an agreement in time for a planned bilateral meeting between Ishiba and U.S. President Donald Trump on the sidelines of the Group of Seven summit in Canada next month. "There were concrete discussions on trade expansion, nontariff measures, and economic security cooperation,' Ishiba said Sunday regarding the latest meeting between Akazawa and his counterparts. "Progress was made in those areas. We plan to press ahead with discussions with the G7 summit in mind.' Ishiba's comments reflect rising momentum in the negotiations as the U.S. tariffs threaten to drag Japan's economy into a technical recession ahead of a July Upper House election. Prior to Akazawa's latest visit to Washington, Trump initiated a phone call with Ishiba pledging to meet in Canada. Akazawa is expected to visit Washington again later this week to meet Treasury Secretary Scott Bessent, who was absent from meetings last week. Ishiba continues to emphasize Japan's investment contributions to the U.S. economy as he seeks a reprieve from additional U.S. tariffs. Local media reported that Japan may offer cooperation on an Alaska natural gas project as part of the trade talks, although the Yomiuri Shimbun reported that some doubts remain about the estimated $44 billion costs of the project. SoftBank founder Masayoshi Son has separately proposed a U.S.-Japan sovereign wealth fund for investments in technology and infrastructure, the Financial Times reported. Trump stunned the financial market by endorsing a partnership between United States Steel and Japan's Nippon Steel, with details remaining sketchy as to whether this would result in the takeover long sought by Nippon Steel or merely a minority share investment. Akazawa declined to comment on how a major corporate deal might affect the tariff talks, but analysts said it might help. "This is very, very positive news for the atmosphere of the negotiations, for the level of trust between the two sides. But it still comes down to a game of chicken over the automobiles tariffs,' Kurt Tong, a former senior U.S. diplomat in Asia who's now a managing partner at the Asia Group, said on Bloomberg TV on Monday. The proposal for setting a timeline by the G7 could work to Japan's advantage in the negotiations as long as Tokyo wins some manner of reprieve on auto tariffs, among its top priorities. "There is an election coming up later in July, and the Japanese government really needs to have a positive outcome in this negotiation,' said Tong. As with other nations, Trump has slapped Japan with a 25% levy on autos, steel and aluminum and a 10% across-the-board tariff. What are known as a reciprocal tariff is set to be raised to 24% in early July, barring a deal. Cars and auto parts comprise around a third of all exports to the U.S. from Japan. The auto industry is a key driver of growth for Japan's economy and employs around 8% of the work force. April trade data saw a drop in auto exports to the U.S., raising the risk of a technical recession for an economy that contracted in the first quarter.
Bloomberg
6 days ago
- Business
- Bloomberg
Japan Signals Intent to Reach US Tariff Deal by G-7
Good morning. Japan is keen on reaching a US tariff deal by the G-7 summit next month. Nvidia plans a cheaper Blackwell AI chip for China, Reuters says. And Japan's travel industry wobbles as a viral manga prophecy sparks fears of an earthquake. Listen to the day's top stories. Japan's chief trade negotiator Ryosei Akazawa indicated he aims to resolve tariff talks in time for a June meeting between Prime Minister Shigeru Ishiba and Donald Trump on the sidelines of the Group of Seven summit. The comments came after the US president's surprise announcement of a partnership between US Steel and Nippon Steel, details of which remain elusive.
Japan Times
23-05-2025
- Business
- Japan Times
Ishiba and Trump speak as Akazawa heads to Washington
Prime Minister Shigeru Ishiba spoke with U.S. President Donald Trump on Friday morning in a call initiated by the president, offering hope of a breakthrough in tariff negotiations between Japan and the United States. It was the second phone call between the two leaders since early April . During the 45-minute conversation, the leaders exchanged views on the tariff negotiations, cooperation on economic security and the U.S. president's recent trip to the Middle East, Ishiba told reporters after the call. The call was proposed by Trump, Ishiba said. While they did not go into a point-by-point discussion of the tariff negotiations during the call, Ishiba said he felt they reaffirmed common ground on a number of issues. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW 'I believe what was confirmed throughout the call was the intention on both sides to work hard and build a win-win relationship," Ishiba said. 'I truly felt that we shared many common understandings and reaffirmed our shared awareness on a variety of issues.' The call was made while Japan's chief tariff negotiator, Ryosei Akazawa, was en route to Washington to attend the third round of high-level tariff talks with his American counterparts. At the previous meeting earlier in May , the two sides agreed to hold high-level talks 'intensively' from mid-May onward. 'I expressed hopes that these talks will be productive, and President Trump agreed with that sentiment,' Ishiba said, adding that they both look forward to an in-person meeting next month, which is set to take place during the Group of Seven meetings in Canada. Chief tariff negotiator Ryosei Akazawa speaks to reporters at Haneda Airport in Tokyo on Friday before flying to Washington for a third round of high-level tariff talks with his U.S. counterparts. | Jiji News reports suggest that the two sides are eyeing the G7 meeting as a likely setting to announce a framework trade deal. After the call, Ishiba said he might also visit the U.S. at some point depending on the circumstances, although no specific schedule has been set yet. 'Our position — that we have consistently called for the removal of the tariff measures — remains unchanged,' Ishiba told reporters after the call. The clock is ticking for Akazawa, who arguably has the toughest job in Japan as he tries to get the United States to agree to a trade ceasefire. A 24% 'reciprocal tariff' on almost all Japanese exports to the U.S. will kick in again if no agreement is reached by early July. Much hinges upon his ability to persuade Washington to bring the 25% levies on automobiles and auto parts into the negotiations. While the U.S. has only shown willingness to negotiate the higher-rate 'reciprocal' tariffs, Japan has resolutely rejected the idea of a deal that does not include all the levies in place. Japan's position remains unchanged in calling for the U.S. to review the tariff measures, Akazawa told reporters before boarding the plane on Friday morning. He had said earlier this week that when Japan asks the U.S. to review the tariffs, it wants the U.S. to eliminate them . 'An agreement cannot be reached unless it is mutually satisfactory — a true win-win,' Akazawa told reporters at Haneda Airport in Tokyo before boarding the plane on Friday morning. 'We must listen carefully to the various proposals and ideas from the U.S. side, and work to find common ground between our respective positions.'
NHK
20-05-2025
- Business
- NHK
Top Japan trade envoy to head for US for fresh tariff negotiations
Japan's top negotiator in tariff talks with the United States is scheduled to leave for Washington on Friday. Economic Revitalization Minister Akazawa Ryosei is expected to engage in a third round of ministerial discussions the following day. He said on Tuesday, "It's important to achieve an agreement that's a win for both countries. Japan's national interests must not be damaged by prioritizing an early consensus." Akazawa is expected to ask the US again to review levies imposed on Japanese autos and other products. Tokyo has already presented plans to buy more goods from the US. This includes a review of procedures to make it easier to import American cars. Japan has also made a proposal to increase imports of soybeans and corn. Meanwhile, Washington has given Tokyo a list of what it considers to be non-tariff trade barriers.
