Japan shows its intention to reach US customs deals with G-7 in June
Japan’s leading trade negotiator, Aozaki Ryosei, has set his purpose in time for a June meeting between US President Donald Trump and Japanese Prime Minister Isbaiba, and for a June meeting following Trump’s surprise pivot that will allow a partnership between the two nations’ steelmakers.
“It is confirmed that leaders from both countries are looking forward to their meeting,” Akazawa told reporters in Washington on Friday. “We’ll do our best with that in mind.”
Akazawa’s comments follow the phonephoneBetween Trump and Isba, they are pledging to meet bystanders of the group at the Seven Summit next month. Hours later, Trump expressed his approval for the partnership with Nippon Steel Corp. US Steel Corp. hopes that the president will listen more to Japan’s position.
read more:Trump together with us shocks Steel Nippon’s approval, but explains elusive details
The US president said the partnership would create at least 70,000 jobs and add $14 billion to the US economy. Utilizing the importance of Japan’s investment in the US economy is one of the tactics Tokyo uses to acquire concessions from Washington in tariffs. Japan had the largest stockpile of foreign direct investment in the US in the five years leading up to 2023, Commerce Department data shows.
Akazawa said investment in Nippon Steel would be useful for the US economy, but he declined to comment on the impact of the trade consultations’ corporate transactions, but declined to comment on whether the deal was an acquisition prior to the official US announcement.
A statement from another Cabinet Office said that Akazawa firmly demanded that the US reconsider tariffs in Japan. Akazawa said the consultations were focused on expanding trade, non-tariff measures and cooperation on economic security, and they were Flanders and deeper than before.
Like other countries, Trump slapped Japan with 25% collection on cars, steel and aluminum and 10% tariffs on board. The so-called mutual tariffs will be raised to 24% in early July and will be set with the exception of transactions. Automobiles and auto parts make up about a third of all exports from Japan to the US. The automotive industry is an important driver of the growth of the Japanese economy, employing approximately 8% of the workforce.
With Senate elections held this summer, reaching trade contracts could help boost Isba’s approval rate. Yet, transactions that give too much evidence to the US without dealing with car rates, especially in the agricultural sector, could backfire.
read more:Japanese Prime Minister Isba’s support collapses and will not be exiled before July
For Akazawa, this was the third round of top-level trade talks with his US counterparts. He is expected to revisit the United States next week to meet Treasury Secretary Scott Bescent. Prior to Friday’s meeting, Akazawa stressed the need to reach the deal as a package and warned him of rushing.
“As it is said in English, nothing has been agreed until everything has been agreed, so it makes no sense to talk about how close you have come to negotiate,” Akazawa said.
This story was originally introduced Fortune.com