2 days ago
Japan outlined plans to cut US trade deficit in tariff talks: sources
Japanese government sources say Tokyo has sought Washington's review of its tariff measures by outlining how Japan intends to cut the US deficit in bilateral trade. Narrowing the deficit is a key demand from President Donald Trump.
The sources said Japan explained the roadmap during bilateral tariff negotiations. They added that it contains a plan for Japan to make massive investments in industries, such as automobiles, steel and shipbuilding.
They said Japan has also offered to expand its imports of agricultural products, including soybeans, and items such as US vehicles and liquefied natural gas.
They said Japan has also expressed willingness to overhaul its systems described by the United States as non-tariff barriers.
Japan has been negotiating with the US to allow their leaders to reach some sort of agreement on the sidelines of the Group of Seven summit in Canada next week.
Japanese Prime Minister Ishiba Shigeru met heads of the ruling and opposition parties on Thursday to explain how the negotiations had fared.
Ishiba told them that he wants a certain degree of headway by the time he meets President Trump during the G7 summit. But he said what matters is achieving an agreement that benefits both Japan and the US.
Ishiba added that he will not undermine Japan's national interests by placing too much priority on striking a deal at an early date.
Japan is now seeking to hold more ministerial talks with the US until right before the G7 summit. Its chief delegate to the negotiations, Economic Revitalization Minister Akazawa Ryosei, will leave for Washington on Friday.
