Latest news with #tarifftalks
NHK
23-05-2025
- Business
- NHK
Japan to propose greater investment in US in tariff talks
Japan's tariff negotiator is expected to propose greater investment by Japanese companies in the United States in the upcoming ministerial-level tariff talks in Washington. Economic Revitalization Minister Akazawa Ryosei is set to take part in the third round of talks in Washington on Friday, local time. Sources say Japan will present a plan to expand Japanese firms' investment in the US. It is likely to include Nippon Steel's offer to invest billions of dollars in US Steel, if its bid to acquire the US steelmaker is approved. Japan apparently aims to turn the tariff talks to its advantage by stressing its willingness to contribute to the US manufacturing sector. The 14-billion-dollar buyout plan was blocked in January by then-President Joe Biden on national security grounds. Last month, President Donald Trump instructed the Committee on Foreign Investment in the United States to conduct a fresh security review of the proposed deal. The government body reviewing the proposed acquisition has reportedly sent its recommendation to the president this week. Trump is expected to make his decision on the buyout plan by June 5. Some Japanese government officials are skeptical that an agreement will be forthcoming in this round of talks as Treasury Secretary Scott Bessent is not expected to attend. Government sources say preparations are underway for Akazawa to visit the United States again next week for talks with Bessent. Japan hopes to lay the groundwork for an agreement by accelerating negotiations through frequent visits to Washington.
NHK
20-05-2025
- Business
- NHK
Top Japan trade envoy to head for US for fresh tariff negotiations
Japan's top negotiator in tariff talks with the United States is scheduled to leave for Washington on Friday. Economic Revitalization Minister Akazawa Ryosei is expected to engage in a third round of ministerial discussions the following day. He said on Tuesday, "It's important to achieve an agreement that's a win for both countries. Japan's national interests must not be damaged by prioritizing an early consensus." Akazawa is expected to ask the US again to review levies imposed on Japanese autos and other products. Tokyo has already presented plans to buy more goods from the US. This includes a review of procedures to make it easier to import American cars. Japan has also made a proposal to increase imports of soybeans and corn. Meanwhile, Washington has given Tokyo a list of what it considers to be non-tariff trade barriers.
CNA
13-05-2025
- Business
- CNA
Indonesia's plan to cut fuel imports from Singapore could disrupt trade flows, but fallout likely minimal: Analysts
SINGAPORE: Indonesia's plan to cut fuel imports from Singapore could pressure trade flows amid tariff talks with the United States, but observers said they believe the broader impact on Singapore's economy will be limited. Analysts told CNA that diversification of the economy into areas such as technology and manufacturing will continue to prop up growth. However, they cautioned that there may be indirect impact on the transport and storage services and wholesale trade sectors. This comes as Indonesia is looking to change the source of some of its fuel imports from Singapore to the US. It is currently negotiating the 32 per cent tariffs that the US wants to impose on Indonesian goods. These tariffs have been paused until July. ADDRESSING TRUMP TARIFFS Singapore is a major global refining hub and supplier of fuel. In the first four months of 2025, it exported more than 54,000 barrels of gasoil and 8,300 barrels of jet fuel daily to Indonesia. Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia said last Friday (May 9) that it could shift as much as 60 per cent of its total fuel imports from Singapore to the US in the early stages. Jakarta is looking to ramp up fuel imports from the US, as part of a wider proposal to address US President Donald Trump's punitive tariffs. Despite this, experts believe the impact on Singapore's economy would be minimal. "Even if Indonesia were to scale back their imports, Singapore is resourceful,' said John Driscoll, director of energy market intelligence provider JTD Energy Services. 'They've got an infrastructure, refineries, storage terminals, support services, and besides that, they are the major pricing point east of Suez,' he added, referring to areas located east of the Suez Canal. 'You've got all of the major technology companies setting up the offices out here - Facebook, Google, Amazon. Singapore is not as dependent on oil, and I think that's been a deliberate strategy on their part. They want to diversify away from a reliance on oil.' EXCESS OIL SUPPLY The oil industry makes up around 5 per cent of Singapore's overall gross domestic product (GDP). This is smaller compared to other sectors such as manufacturing, which contributes about 20 per cent of the economy. However, analysts warned that if other countries follow in Indonesia's footsteps, the impact could be multiplied. "There could be second-round effects on the transport and storage services sectors, the wholesale and retail trade sectors could also be affected, because the activity drops. That could also limit the port activities,' said Mr Jeff Ng, head of Asia macro strategy at SMBC. 'When you have less demand, the manufacturing sector and the services sector may also be impacted.' Other potential short-term challenges include excess oil supply that could push prices down, said experts. Even then, they said the market is likely to stabilise over time. 'Singapore most likely will be stuck with a little more oil because there is no buyer of it,' said economics professor Sumit Agarwal of the NUS Business School. 'That should provide downward pressure on Singapore oil that they are selling to, say Malaysia and other countries. So profitability will go down for the refining business for Singapore. 'But in the medium term, Singapore will find other buyers who could be suitable buyers for Singapore's refined oil, and things will be fine.' Potential players in Singapore's market could include countries from the Middle East, said observers. There may also be interest from investors like hedge funds and banks.
Al Arabiya
13-05-2025
- Business
- Al Arabiya
Bessent says EU may have a ‘collective action problem'
US Treasury Secretary Scott Bessent downplayed the possibility of a quick trade agreement with the European Union, saying the bloc suffers from a 'collective action problem' that's hampering negotiations. 'I think the US and Europe may be a bit slower,' Bessent said when asked at a Saudi-US Investment Forum in Riyadh about progress on tariff talks. 'My personal belief is Europe may have a collective action problem; that the Italians want something that's different than the French. But I'm sure at the end of the day, we will reach a satisfactory conclusion,' he continued. President Donald Trump's Treasury chief was more optimistic about agreements with Asian trading partners. He said the US has had 'very productive discussions' with Japan, and praised 'very forthcoming' conversations with Indonesia as well as a 'very good proposal' from Taiwan. He also mentioned talks with South Korea and Thailand. 'On my side of the world, things are going very well,' said Bessent, who is overseeing negotiations with Asian economies. Bessent over the weekend helped broker an agreement with China to temporarily lower tariffs to work toward a broader agreement, on the heels of a framework with the UK.
Bloomberg
13-05-2025
- Business
- Bloomberg
Bessent Says EU May Have a ‘Collective Action Problem' on Trade
US Treasury Secretary Scott Bessent downplayed the possibility of a quick trade agreement with the European Union, saying the bloc suffers from a 'collective action problem' that's hampering negotiations. 'I think the US and Europe may be a bit slower,' Bessent said when asked at a Saudi-US Investment Forum in Riyadh about progress on tariff talks.
