Latest news with #tariffdeal
Japan Times
26-05-2025
- 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
26-05-2025
- Business
- Bloomberg
Japan Touts Ships Expertise, LNG Investment as Tariff Talks Key
Japan may offer financial and technical contributions ranging from investment in an Alaskan LNG pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the US 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 Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third-round of discussions with US counterparts in Washington.
Bloomberg
25-05-2025
- 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.
Sky News
14-05-2025
- Business
- Sky News
Politics latest: 'I very much enjoyed your speech,' Farage tells PM
Badenoch mocks PM's 'tiny tariff deal' with Trump Kemi Badenoch now uses her third question to welcome the PM's "tiny tariff deal" with the US. The Conservative leader says that the prime minister should "not over-egg the pudding" and adds that it has put the UK in a "worse position than in March", before Donald Trump stuck tariffs on every country. Turning to unemployment, she says high street supermarket chains Tesco's and Sainsbury's and others have cut staff. She asks whether the PM can promise that unemployment will be lower by this time next year. An angry Keir Starmer suggests Badenoch "get the train to Solihull" and speak to workers at Jaguar Land Rover, so she can tell them that she "would rip up the deal that protects their jobs". He adds she should do the same in Scunthorpe and in Scotland's whisky distilleries, "and then come back here next week, and tell us what reaction she got". Watch: How good is UK-US trade deal? 'How will carers pay for jobs tax?' Badenoch points out Starmer didn't promise to lower unemployment by May 2026 "because he knows things are going to get worse". The leader of the opposition then speaks about a hospice that needs to find "an additional £250,000 to pay the jobs tax" (that's the national insurance rise from the budget). She asks the PM how they should find this money. Starmer responds that the government has already announced a £100m boost for the care sector. He accuses Badneoch of "turning up every week to carp from the sidelines" and accuses her of not having "the courage" to say she would reverse the rise in national insurance contributions to pay for more investment in the NHS and schools.
RNZ News
09-05-2025
- Politics
- RNZ News
Train driver minimum age to be lowered to 18 in UK
United Kingdom correspondent Alice Wilkins spoke to Lisa Owen about a tariff deal between the UK and the United States, how criminals in the UK could face sanctions for refusing to attend court for their sentencing and how train drivers in the UK could soon be teenagers. To embed this content on your own webpage, cut and paste the following: See terms of use.
