Latest news with #tariff deadline
Japan Times
a day ago
- Business
- Japan Times
Akazawa jets to Washington for tariff talks after historic election
Japan's chief tariff negotiator flew to Washington on Monday for an eighth round of trade talks, just a day after the ruling coalition suffered a dramatic defeat in an Upper House election and less than two weeks ahead of a key tariff deadline. While the political landscape was upended by Sunday's vote, Ryosei Akazawa stuck to the script and offered no indication that anything has changed in terms of Japan's stance, or that the United States is willing to back down in its demands. 'While protecting our national interests, I want to quickly find common ground where both Japan and the United States can agree,' he told reporters at Haneda Airport on Monday morning before his departure. The U.S. is set to impose a 25% "reciprocal" tariff on most goods from Japan on Aug. 1 — up from the current 10% — unless a deal is struck. On multiple occasions in recent weeks, U.S. President Donald Trump has openly complained about the lack of progress in negotiations with Japan. No tangible results have been achieved after months of talks. Trump has said he might just end negotiations and let the 25% rate go into effect, as outlined in a letter sent to Prime Minister Shigeru Ishiba on July 7. Separate sector-specific Trump tariffs are already in effect, including 25% on vehicles and auto parts and 50% on steel and aluminum. The U.S. president has said he will start imposing tariffs on pharmaceutical products as early as the end of July. U.S. Treasury Secretary Scott Bessent, who was appointed by Trump to lead negotiations with Japan in early April, visited Tokyo and Osaka before Sunday's vote. 'A good deal is more important than a rushed deal, and a mutually beneficial trade agreement between the United States and Japan remains within the realm of possibility,' Bessent wrote in a post on social media platform X after a brief meeting with Ishiba on Friday. "I look forward to continuing formal talks in the future,' he added. The election could change the calculus of negotiations as the Liberal Democratic Party-Komeito coalition, with less than a majority in both houses, is now greatly weakened. The prime minister could step down despite his insistence that he intends to stay on, while the coalition will have to incorporate another party or seek the cooperation of opposition parties on a case-by-case basis to effectively govern. In his first comments since the Sunday's vote, Ishiba shed no light on the implications of the historic loss on tariff talks, but he remained guardedly upbeat and said that he hopes to speak with Trump about the tariffs. "I also plan to talk with President Trump and present a visible outcome as early as possible," Ishiba said.
Yahoo
2 days ago
- Business
- Yahoo
Japan's shaky government loses upper house control
Japan's ruling coalition has lost control of the upper house in an election, further weakening Prime Minister Shigeru Ishiba's grip on power even as he vowed to remain party leader, citing a looming tariff deadline with the United States. While the ballot does not directly determine whether Ishiba's administration will fall, it heaps pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito returned 47 seats, short of the 50 seats it needed to ensure a majority in the 248-seat upper chamber in an election where half the seats were up for grabs. That comes on top of its worst showing in 15 years in October's lower house election, a vote that has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking late on Sunday evening after exit polls closed, Ishiba told NHK he "solemnly" accepted the "harsh result". "We are engaged in extremely critical tariff negotiations with the United States ... we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realising our national interests," he later told TV Tokyo. Asked whether he intended to stay on as premier, he said, "that's right". Japan, the world's fourth-largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party finished second with 22 seats. Meanwhile, the far-right Sanseito party announced its arrival in mainstream politics, adding 14 seats to one elected previously. Launched on YouTube a few years ago, the populist party found wider appeal with its "Japanese First" campaign and warnings about a "silent invasion" of foreigners. Opposition parties advocating for tax cuts and welfare spending struck a chord with voters, as rising consumer prices - particularly a jump in the cost of rice - have sowed frustration at the government's response. The LDP has been urging fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Any concessions the LDP must now strike with opposition parties to pass policy will only further elevate those nerves, analysts say. "The ruling party will have to compromise in order to gain the co-operation of the opposition, and the budget will continue to expand," said Yu Uchiyama, a politics professor at the University of Tokyo. "Overseas investors' evaluation of the Japan economy will also be quite harsh."
The Guardian
2 days ago
- Business
- The Guardian
Japan's PM accepts ‘harsh' election result as loss of upper house predicted
Japan's shaky ruling coalition is likely to lose control of the upper house, exit polls showed after Sunday's election, potentially heralding political turmoil as a tariff deadline with the US looms. While the ballot does not directly determine whether prime minister Shigeru Ishiba's minority government falls, it heaps pressure on the embattled leader, who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic party (LDP) and coalition partner Komeito need 50 seats to secure the 248-seat upper chamber in an election where half the seats are up for grabs. They are forecast to hold 32 to 51 seats, the exit poll by public broadcaster NHK showed. Other broadcasters forecast the ruling coalition would return 41 to 43 seats. If the coalition drops below 46 seats it would mark its worst result since it was formed in 1999. That comes on top of its worst showing in 15 years in October's lower house election, a vote that has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking to NHK two hours after polls closed, Ishiba, 68, said he 'solemnly' accepted the 'harsh result'. Asked whether he intended to stay on as prime minister and party leader, he said: 'That's right.' He later told TV Tokyo: 'We are engaged in extremely critical tariff negotiations with the United States … we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realising our national interests.' Japan, the world's fourth largest economy, faces a deadline of 1 August to strike a trade deal with the US or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic party is projected to win 18 to 30 seats, from 22 held previously, NHK's exit poll showed. The far-right Sanseito party, birthed on YouTube a few years ago, has been the surprise package with its 'Japanese first' campaign and warnings about a 'silent invasion' of foreigners. It is forecast to win 10 to 15 seats in the chamber, up from one held previously, yet it holds only three seats in the lower house. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls showed, as rising consumer prices – particularly a jump in the cost of rice – have sowed frustration at the government's response. 'The LDP was largely playing defence in this election, being on the wrong side of a key voter issue,' said David Boling, a director at the consulting firm Eurasia Group. 'Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home.' The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Sanseito, which first emerged during the Covid pandemic spreading conspiracy theories about vaccinations and a cabal of global elites, has dragged once fringe political rhetoric into the mainstream and gained wider support among frustrated voters. It remains to be seen whether the party can follow the path of other far-right parties with which it has drawn comparisons, such as Germany's AfD and Reform UK. 'I am attending graduate school but there are no Japanese around me. All of them are foreigners,' said Yu Nagai, a 25-year-old student who voted for Sanseito earlier on Sunday. 'When I look at the way compensation and money are spent on foreigners, I think that Japanese people are a bit disrespected,' he said after casting his ballot at a polling station in Tokyo's Shinjuku ward. In Japan, which has the world's oldest population, foreign-born residents hit a record of about 3.8 million last year. That is still just 3% of the total population, a much smaller fraction than in the US and Europe, but comes amid a tourism boom that has made foreigners far more visible across the country.
CNN
2 days ago
- Business
- CNN
Japan PM laments ‘harsh' election result as upper house control slips
Japan's shaky ruling coalition is likely to lose its majority in the upper house, exit polls showed after Sunday's election, potentially heralding political turmoil as a tariff deadline with the United States looms. While the ballot does not directly determine whether Prime Minister Shigeru Ishiba's minority government falls, it heaps pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito needed 50 seats to retain control of the 248-seat upper chamber in an election where half the seats were up for grabs. They are forecast to secure 32 to 51 seats, the exit poll by public broadcaster NHK showed. Other broadcasters forecast the ruling coalition would hold 41-43 seats. If the coalition holds less than 46 seats, it would mark its worst result since the coalition was formed in 1999. That comes on top of its worst showing in 15 years in October's lower house election, a vote which has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking two hours after polls closed to public broadcaster NHK, Ishiba said he 'solemnly' accepted the 'harsh result.' Asked whether he intended to stay on as prime minister and party leader, he said 'that's right.' 'We are engaged in extremely critical tariff negotiations with the United States…we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realizing our national interests,' he later told TV Tokyo. Japan, the world's fourth largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party is projected to win 18 to 30 seats, from 22 held previously, NHK's exit poll showed. The far-right Sanseito party, birthed on YouTube a few years ago, has been the surprise package with its 'Japanese First' campaign and warnings about a 'silent invasion' of foreigners. It is forecast to win 10-15 seats in the chamber, up from one held previously, yet it holds only three seats in the lower house. Opposition parties advocating for tax cuts and tougher immigration policies look set to make gains, the exit polls showed, with rising consumer prices – particularly a jump in the cost of the staple rice – a key issue for voters. 'The LDP was largely playing defense in this election, being on the wrong side of a key voter issue,' said David Boling, a director at consulting firm Eurasia Group. 'Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home.' The LDP have been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Sanseito, which first emerged during the COVID-19 pandemic spreading conspiracy theories about vaccinations and a cabal of global elites, has dragged once-fringe political rhetoric into the mainstream and gained wider support among frustrated voters. It remains to be seen whether the party can follow the path of other far-right parties with which it has drawn comparisons, such as Germany's AFD and Reform UK. 'I am attending graduate school but there are no Japanese around me. All of them are foreigners,' said Yu Nagai, a 25-year-old student who voted for Sanseito earlier on Sunday. 'When I look at the way compensation and money are spent on foreigners, I think that Japanese people are a bit disrespected,' Nagai said after casting his ballot at a polling station in Tokyo's Shinjuku ward. Japan, the world's oldest society, saw foreign-born residents hit a record of about 3.8 million last year. That is still just 3% of the total population, a much smaller fraction than in the United States and Europe, but comes amid a tourism boom that has made foreigners far more visible across the country.
The Guardian
2 days ago
- Business
- The Guardian
Japan's PM accepts ‘harsh result' of election as exit polls predict loss of upper house
Japan's shaky ruling coalition is likely to lose control of the upper house, exit polls showed after Sunday's election, potentially heralding political turmoil as a tariff deadline with the US looms. While the ballot does not directly determine whether prime minister Shigeru Ishiba's minority government falls, it heaps pressure on the embattled leader, who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic party (LDP) and coalition partner Komeito need 50 seats to secure the 248-seat upper chamber in an election where half the seats are up for grabs. They are forecast to hold 32 to 51 seats, the exit poll by public broadcaster NHK showed. Other broadcasters forecast the ruling coalition would return 41 to 43 seats. If the coalition drops below 46 seats it would mark its worst result since it was formed in 1999. That comes on top of its worst showing in 15 years in October's lower house election, a vote that has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking to NHK two hours after polls closed, Ishiba said he 'solemnly' accepted the 'harsh result'. Asked whether he intended to stay on as prime minister and party leader, he said 'that's right'. 'We are engaged in extremely critical tariff negotiations with the United States … we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realising our national interests,' he later told TV Tokyo. Japan, the world's fourth largest economy, faces a deadline of 1 August to strike a trade deal with the US or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic party is projected to win 18 to 30 seats, from 22 held previously, NHK's exit poll showed. The far-right Sanseito party, birthed on YouTube a few years ago, has been the surprise package with its 'Japanese first' campaign and warnings about a 'silent invasion' of foreigners. It is forecast to win 10 to 15 seats in the chamber, up from one held previously, yet it holds only three seats in the lower house. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls showed, as rising consumer prices – particularly a jump in the cost of rice – have sowed frustration at the government's response. 'The LDP was largely playing defence in this election, being on the wrong side of a key voter issue,' said David Boling, a director at the consulting firm Eurasia Group. 'Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home.' The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Sanseito, which first emerged during the Covid pandemic spreading conspiracy theories about vaccinations and a cabal of global elites, has dragged once fringe political rhetoric into the mainstream and gained wider support among frustrated voters. It remains to be seen whether the party can follow the path of other far-right parties with which it has drawn comparisons, such as Germany's AFD and Reform UK. 'I am attending graduate school but there are no Japanese around me. All of them are foreigners,' said Yu Nagai, a 25-year-old student who voted for Sanseito earlier on Sunday. 'When I look at the way compensation and money are spent on foreigners, I think that Japanese people are a bit disrespected,' Nagai said after casting his ballot at a polling station in Tokyo's Shinjuku ward. In Japan, the world's oldest population, foreign-born residents hit a record of about 3.8 million last year. That is still just 3% of the total, a much smaller fraction than in the US and Europe, but comes amid a tourism boom that has made foreigners far more visible across the country.
