Latest news with #ofSeven
Business Insider
3 days ago
- Business
- Business Insider
U.S.-Japan Trade Talks End with No Deal
Japan Economic Minister Ryosei Akazawa has concluded his meeting with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. The meeting, which lasted over two hours and marked the fourth round of talks, ended without the two sides reaching a trade deal. Confident Investing Starts Here: Still, the two countries agreed to meet again with the topics of semiconductor and rare earth trade in mind ahead of the Group of Seven (G7) Leaders' Summit in July, according to Nikkei Asia. Japan Seeks Reversal of All U.S. Tariffs After the meeting, Akazawa said that it would be difficult to form a trade deal unless the U.S. agrees to drop all of its tariffs, including the duties set on Japanese vehicles. President Trump had previously enacted a 25% tariff on imported cars and trucks from Japan before reducing the rate to 10% for 90 days. In 2024, Japan exported roughly $148 billion of goods to the U.S. with vehicles accounting for about 28% of that figure. The U.S.' goods trade deficit with Japan stands at $68.47 billion.
The Star
26-05-2025
- Business
- The Star
Japan touts shipbuilding in tariff talks
Japan's Economic Revitalisation Minister Ryosei Akazawa, the country's envoy for upcoming tariff talks with the US, answers questions from reporters in Washington on April 16, 2025. - AFP TOKYO: 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 towards a tariff deal with the United States 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 US battleships that patrol the Asia Pacific, Prime Minister Shigeru Ishiba said on Sunday, as his trade negotiator Ryosei Akazawa returned to Tokyo following a third round of discussions in Washington. Akazawa said he hoped to reach an agreement in time for a planned bilateral meeting between Ishiba and Donald Trump on the sidelines of the Group of Seven (G-7) summit in Canada next month. 'There were concrete discussions on trade expansion, non-tariff measures and economic security cooperation,' Ishiba said regarding the latest meeting between Akazawa and his counterparts. 'Progress was made in those areas. We plan to press ahead with discussions with the G-7 summit in mind.' — Bloomberg
Business Recorder
23-05-2025
- Business
- Business Recorder
G7 glosses over tariffs, pledges to cut global economic imbalances
BANFF: Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to address 'excessive imbalances' in the global economy and saying they could increase sanctions on Russia. Ahead of the meeting there had been doubt about whether there would be a final communique, given divisions over U.S. tariffs and Washington's reluctance to refer to Russia's war on Ukraine as illegal. But after talks that stretched over three days, participants signed on to a lengthy document that was devoid of previous language on fighting climate change and had softened references to the Ukraine war. 'We found common ground on the most pressing global issues that we face,' Canadian Finance Minister Francois-Philippe Champagne told the closing press conference. 'I think it sends a very clear signal to the world … that the G7 is united in purpose and in action.' The finance ministers and central bank governors, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how 'non-market policies and practices' undermine international economic security. The document did not name China, but references by the U.S. and other G7 economies to non-market policies and practices often are targeted at China's state subsidies and export-driven economic model. The G7 statement also did not mention the tariffs imposed by U.S. President Donald Trump that are disrupting global trade and supply chains and adding economic uncertainty. Champagne downplayed the lack of communique language on tariffs, but said ministers 'were not skating around' the issue and discussed their impacts during the meeting. Canada is seeking a deal to eliminate Trump's 25% tariffs on many goods, including steel and aluminum. 'We're trying to enhance growth and stability. And obviously tariffs are something in that context that you can't avoid discussing,' The finance meeting sets the stage for a G7 leaders summit June 15-17 in the nearby mountain resort area of Kananaskis. Trump will attend the summit, the White House confirmed on Thursday. The G7 communique called for an analysis of market concentration and international supply chain resilience. 'We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,' it said. The communique also recognized an increase in low-value international 'de minimis' package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods. The duty-free de minimis exemption for packages valued below $800 has been exploited by Chinese e-commerce companies including Shein and Temu . The Chinese embassy in Ottawa said it could not immediately comment on the G7 statement. 'Brutal' but not 'illegal' war The G7 finance chiefs condemned what they called Russia's 'continued brutal war' against Ukraine and said that if efforts to achieve a ceasefire failed, they would explore all possible options, including 'further ramping up sanctions.' The description of the Ukraine war was watered down from the prior G7 statement, opens new tab issued in October, before Trump's re-election, calling it an 'illegal, unjustifiable, and unprovoked war of aggression against Ukraine.' G7 finance leaders try to downplay tariff disputes, find consensus Trump has diminished U.S. support for Ukraine and has made statements suggesting that Kyiv was to blame for the conflict as he tries to coax Russia into peace talks. But the G7 ministers pledged to work together to ensure no countries that financed the Russian war would be eligible to benefit from the reconstruction of Ukraine. 'That's a very big statement,' said Champagne, calling it a fundamental pillar of the communique. It did not name China or other countries that the West has accused of supplying critical components to Russia in defiance of sanctions. Russia's sovereign assets in G7 jurisdictions would remain immobilized until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said. European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed a proposal to lower the G7-led $60-per-barrel price cap on Russian oil exports, given Russian crude is now selling under that level. But the plan was not mentioned in the communique, partly because U.S. Treasury Secretary Scott Bessent was not convinced that it was needed, a European official said. Brent crude currently trades around $64 per barrel. A European official said the United States is 'not convinced' about lowering the Russian oil price cap. A U.S. Treasury official did not immediately respond to a request for comment. Bessent's low profile Bessent came to Banff to the relief of many participants after he skipped a G20 finance meeting in Cape Town, South Africa in February. G7 officials described his interactions as 'constructive' and 'flexible' and said some initial stiffness later gave way to jokes over dinner. 'We had a feeling that it was a discussion between friends and allies,' a French official said. But Bessent took an unusually low profile for a U.S. Treasury secretary at the G7 meetings, staging no news conference and largely operating out of sight of the press. 'I had a very productive day,' he said to a reporter on Wednesday in his only public comment to media at the meeting.
Mint
21-05-2025
- Business
- Mint
Bessent, Kato Did Not Discuss FX Levels at G-7, US Says
US Secretary Scott Bessent and Japanese Finance Minister Katsunobu Kato did not discuss foreign exchange levels during a meeting in Canada, according to a statement from the Treasury Department. The news sent the yen lower. Bessent and Kato 'reaffirmed their shared belief that exchange rates should be market determined and that, at present, the dollar-yen exchange rate reflects fundamentals,' the department said Wednesday. The officials met on the sidelines of a meeting of finance ministers and central bank governors from the Group of Seven nations being held in Banff, Canada. Bessent and Kato discussed issues relevant to the US-Japanese economic relationship, including global security and the ongoing bilateral trade discussions between the two nations, the department said. The yen weakened as much as 0.5% to ¥144.40 against the dollar after the news. Japan's currency was the worst performer among its Group of 10 peers against the dollar on Thursday morning in Tokyo. Still, the reaffirmation on the currency helps Kato lower the risk of a rapid weakening of the yen after his ministry has struggled to clearly reverse course in the last few years. The outcome of the meeting suggests the US has no major issue with the yen's appreciation after President Donald Trump accused of Japan taking an unfair advantage by lowering the value of the currency. Any rapid movement in the strength of the yen could increase the chance of a recession, regardless of direction, especially as Japan and the US continue negotiations on a trade agreement. A much weaker yen would fuel inflationary pressures while a stronger currency would squeeze corporate profits and wage momentum as trade concerns are already hurting consumer sentiment. Japan's economy contracted in the first quarter. This was the pair's second face-to-face talk in a month after the two met in April. With assistance from Mia Glass. This article was generated from an automated news agency feed without modifications to text.
Yahoo
20-05-2025
- Business
- Yahoo
TSX futures rise ahead of domestic inflation data
(Reuters) -Futures for Canada's main stock index rose on Tuesday, as investors awaited updates on trade deals ahead of domestic inflation data due later in the day. June futures on the S&P/TSX index were up 0.3% at 6:13 a.m. ET (1013 GMT). Investors will focus on the domestic consumer inflation report scheduled for 8:30 am ET, just two weeks before the Bank of Canada's next interest rate decision. Canada's main stock index hit a record high on Friday, logging a sixth consecutive weekly gain, as worries about a global trade war eased after the U.S.-China tariff truce over the weekend. On Sunday, U.S. Vice President JD Vance discussed fair trade policies with Canada's Prime Minister Mark Carney in Rome, Vance's office said in a statement, as the two nations try to resolve a dispute over tariffs. Later on Tuesday, finance leaders from the Group of Seven industrialized democracies will meet in Canada. They will strive for unity on non-tariff issues, but may have trouble reaching consensus with a Trump administration intent on pushing allies to serve U.S. interests. In commodities, oil and gold prices fell on the day. Copper prices in London were trading slightly lower. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory
