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Kyodo News
6 hours ago
- Business
- Kyodo News
Japan wrestling with U.S. tariff talks as July deadline looms
KYODO NEWS - 11 hours ago - 13:30 | All, Japan, World Japanese and U.S. tariff negotiators agreed Friday to continue talks in pursuit of a deal that will be beneficial to both countries, but significant differences apparently remain in areas such as Washington's treatment of its key Asian ally's automotive industry. Japan's government said its top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick held talks in Washington, with each side reaffirming its position during "fruitful" discussions on trade expansion, nontariff measures and economic security cooperation. Akazawa, however, did not meet the press following the tariff meeting as he had done after his previous six with U.S. Cabinet members. He was also hoping to hold another separate meeting with U.S. Treasury Secretary Scott Bessent, but the Japanese government stopped short of saying whether one was arranged. The meeting between Akazawa and Lutnick, which lasted about an hour, took place as U.S. President Donald Trump and his trade team increasingly suggest they could give trading partners that are currently negotiating more time for talks beyond early July, when the administration's 90-day pause on so-called reciprocal tariffs is set to expire. Bessent said Friday that the Trump administration could complete negotiations with key trading partners by Sept. 1. In a Fox Business interview, Bessent said, "I think we could have trade wrapped up by Labor Day" if the United States can make "10 or 12" deals among its 18 highest-priority trading partners and seal "another important 20 relationships" with new agreements. Japan is among the group of 18 trading partners, also including the European Union, India and South Korea, with which the Trump administration has prioritized making deals. White House spokeswoman Karoline Leavitt also said at a press briefing on Thursday that the 90-day pause for negotiations could be extended. On Friday, when asked what he might do with the suspension, set to expire July 9, Trump said, "We can do whatever we want. We could extend it. We could make it shorter." "I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25 percent,'" he added during a press conference at the White House. Akazawa arrived in Washington on Thursday for his seventh round of ministerial meetings on tariffs. His visit comes after Japanese Prime Minister Shigeru Ishiba and Trump failed to strike a deal last week when they met on the sidelines of a Group of Seven summit in Canada. The 90-day pause applies only to country-specific tariffs under Trump's reciprocal scheme, covering about 60 trading partners that have notable trade surpluses with the United States. It does not affect his baseline duty of 10 percent, targeting imports globally. Japan is facing an additional country-specific tariff of 14 percent, for a total rate of 24 percent. However, the Trump administration's additional tariffs targeting the automotive industry, which are not subject to the pause, have been of particular concern for Japan. The administration raised the tariff rate on imported passenger vehicles by 25 percentage points to 27.5 percent in early April, a measure that has already severely impacted the industry in Japan. Akazawa has reiterated that the higher auto tariffs on cars and auto parts are unacceptable. But the Trump administration has shown no signs of removing or lowering the sector-based tariffs, including those on steel and aluminum, that it has imposed on national security grounds. Related coverage: U.S. State Secretary Rubio's 1st visit to Japan eyed for July Trump could extend 90-day tariff pause in July, White House says Japan reiterates that higher U.S. auto tariffs are unacceptable
Kyodo News
21 hours ago
- Business
- Kyodo News
Japan, U.S. agree to continue tariff talks as July deadline looms
KYODO NEWS - 5 hours ago - 04:47 | All, Japan, World Japanese and U.S. negotiators agreed Friday to continue talks toward a tariff deal that will be beneficial to both countries. Japan's government said its top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick held talks in Washington, with each side reaffirming its position during "fruitful" discussions on trade expansion, nontariff measures and economic security cooperation. The meeting between Akazawa and Lutnick, which lasted about an hour, took place as U.S. President Donald Trump and his trade team increasingly suggest they could give trading partners now in talks with Washington more time to negotiate beyond early July, when his administration's 90-day pause on so-called reciprocal tariffs is set to expire. U.S. Treasury Secretary Scott Bessent said Friday that the Trump administration could complete negotiations with key trading partners by Sept. 1. In a Fox Business interview, Bessent said, "I think we could have trade wrapped up by Labor Day" if the United States can make "10 or 12" deals among its 18 highest-priority trading partners and seal "another important 20 relationships" with new agreements. Japan is among the 18 trading partners, also including the European Union, India and South Korea, with which the Trump administration has prioritized making deals. White House spokeswoman Karoline Leavitt also said at a press briefing on Thursday that the 90-day pause that Trump put in place to facilitate negotiations could be extended. On Friday, when asked what he might do with the suspension, set to expire July 9, Trump said, "We can do whatever we want. We could extend it. We could make it shorter." "I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25 percent,'" he added during a press conference at the White House. The Japanese negotiator arrived in Washington on Thursday for his seventh round of ministerial meetings on tariffs with the United States. He could also hold talks later Friday with Bessent. Akazawa's visit through Saturday comes after Japanese Prime Minister Shigeru Ishiba and Trump failed to strike a deal on tariffs last week when they met bilaterally on the sidelines of a Group of Seven summit in Canada. The 90-day pause applies only to country-specific tariffs under Trump's reciprocal scheme, covering about 60 trading partners that have notable trade surpluses with the United States. It does not affect his baseline duty of 10 percent, targeting imports from all parts of the world. Japan is facing an additional country-specific tariff of 14 percent, for a total rate of 24 percent. But the Trump administration's additional tariffs targeting the automotive industry, which are not subject to the pause, have been a particular concern for Japan. The administration raised the tariff rate on imported passenger vehicles by 25 percentage points to 27.5 percent in early April, and the move is already hitting the industry hard. Related coverage: U.S. State Secretary Rubio's 1st visit to Japan eyed for July Trump could extend 90-day tariff pause in July, White House says Japan reiterates that higher U.S. auto tariffs are unacceptable
