Latest news with #RyoseiAkazawa
Asahi Shimbun
17 hours ago
- Business
- Asahi Shimbun
U.S-Japan trade deal guarantees lowest tariff rates for chips, pharma, Japanese official says
Ryosei Akazawa, Japan's chief trade negotiator, explains the agreement reached with the United States on tariffs in Washington on July 22. (Asahi Shimbun file photo) Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington. "If a third country agrees with the United States on lower rates on chips and pharmaceuticals, those lower rates would apply to Japan," Ryosei Akazawa told a news conference. The European Union secured a 15% baseline tariff as part of a framework trade deal with the U.S. this week, averting looming new tariffs on chips and pharmaceuticals. Japan last week struck a trade deal with the U.S. that lowers tariffs on cars and other goods to 15% in exchange for a U.S.-bound $550 billion Japanese investment package including equity, loans and guarantees. Asked why there has been no joint statement on the agreement, Akazawa said Japan is prioritizing having President Donald Trump sign an executive order to bring the agreed 15% tariff rate into effect. "We want to concentrate our efforts on getting the tariffs lowered first, and then we can consider whether an official document on the agreement is necessary," he said.
Al Etihad
a day ago
- Business
- Al Etihad
US-Japan trade deal guarantees lowest tariff rates for chips, pharma, Japanese official says
29 July 2025 14:56 TOKYO (REUTERS)Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington."If a third country agrees with the United States on lower rates on chips and pharmaceuticals, those lower rates would apply to Japan," Ryosei Akazawa told a news European Union secured a 15% baseline tariff as part of a framework trade deal with the US this week, averting looming new tariffs on chips and last week struck a trade deal with the US that lowers tariffs on cars and other goods to 15% in exchange for a US-bound $550 billion Japanese investment package, including equity, loans, and why there has been no joint statement on the agreement, Akazawa said Japan is prioritising having President Donald Trump sign an executive order to bring the agreed 15% tariff rate into effect. "We want to concentrate our efforts on getting the tariffs lowered first, and then we can consider whether an official document on the agreement is necessary," he said.
The Star
a day ago
- Business
- The Star
US-Japan trade deal guarantees lowest tariff rates for chips, pharma, Japanese official says
FILE PHOTO: Japan's Economic Revitalization Minister Ryosei Akazawa speaks to the press upon his arrival at Haneda Airport, a day after ministerial talks on tariffs, with U.S. President Donald Trump joining the negotiators, in Tokyo, Japan, April 18, 2025. REUTERS/Issei Kato/File Photo TOKYO (Reuters) -Japan's leading trade negotiator said on Tuesday that the trade deal Tokyo agreed with the United States last week guarantees Japan will always receive the lowest tariff rate on chips and pharmaceuticals of all the pacts negotiated by Washington. "If a third country agrees with the United States on lower rates on chips and pharmaceuticals, those lower rates would apply to Japan," Ryosei Akazawa told a news conference. The European Union secured a 15% baseline tariff as part of a framework trade deal with the U.S. this week, averting looming new tariffs on chips and pharmaceuticals. Japan last week struck a trade deal with the U.S. that lowers tariffs on cars and other goods to 15% in exchange for a U.S.-bound $550 billion Japanese investment package including equity, loans and guarantees. Asked why there has been no joint statement on the agreement, Akazawa said Japan is prioritising having President Donald Trump sign an executive order to bring the agreed 15% tariff rate into effect. "We want to concentrate our efforts on getting the tariffs lowered first, and then we can consider whether an official document on the agreement is necessary," he said. (Reporting by Makiko Yamazaki; Editing by Andrew Heavens and Joe Bavier)
2 days ago
- Business
Japan Govt Paper Calls for All Measures to Be Taken for Wage Hikes
News from Japan Economy Jul 29, 2025 11:05 (JST) Tokyo, July 29 (Jiji Press)--The Japanese government in an annual white paper on Tuesday underlined the need to take all possible measures to realize wage increases that outpace inflation. Although mainly major companies have continued to raise wages, consumption recovery remains weak due to rising prices, said the Annual Report on the Japanese Economy and Public Finance for fiscal 2025, which was submitted to the day's cabinet meeting by economic and fiscal policy minister Ryosei Akazawa. It stressed that, amid concerns over the risks from the U.S. high tariff policy, now is a turning point for whether Japan can transform its economy into a growth-oriented one based on wage hikes. Prolonged high prices for food and other goods have pushed down consumer sentiment and real wages, the white paper analyzed. Furthermore, it said that predictions for continued price climbs and low expectations for lasting wage hikes have curbed consumption. Actually, price levels predicted by households have risen. According to a Bank of Japan survey in January-March 2025, the expected rate of inflation one year later came to around 10 pct, and the expected average rate of inflation over the next five years stood at around 5 pct. [Copyright The Jiji Press, Ltd.] Jiji Press
The Star
2 days ago
- Business
- The Star
Japan expects bulk of US fund to be in loans
TOKYO: Japan expects only 1% to 2% of its recently agreed upon US$550bil American 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 through lower tariff rates in its deal with the United States, he said. The US$550bil 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 night. Of the total, investment would be worth 1% or 2% and the United States 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 the centrepiece of the deal announced by the two sides that will impose 15% tariffs on Japanese cars and other goods. But the details given by Akazawa suggested the Japanese may end up giving up much less than at first glance. The comments came as officials from countries with deals with the United States sift through the terms to explain to the public what they entail. 'It's not that US$550bil in cash will be sent to the United States,' Akazawa said. 'By letting the United States have 90% of the profits rather than 50%, 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're wrong,' he added. 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. Akazawa also clarified that the investment programme won't be only supporting Japanese and US firms. As a potential example, he cited a Taiwanese semiconductor firm building a factory in the United States. 'We'd like to put the US$550bil 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. — Bloomberg
