Latest news with #RyoseiAkazawa
Yahoo
5 hours ago
- Business
- Yahoo
Japan Won't Fixate on July 9 in US Trade Talks, Akazawa Says
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signaling that the Asian nation stands ready for the possibility that talks will drag on. 'To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the US,' Economic Revitalization Minister Ryosei Akazawa told reporters on Friday in Tokyo. 'Japan and the US are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The US is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24% from 10% at present for Japan. US Treasury Secretary Scott Bessent has indicated the US may grant an extension to countries that are negotiating in good faith. Asked what Japan would do if the levy returns to 24% or the US puts out a different level unilaterally past the deadline, Akazawa hinted at optimism for an extension. 'We are proceeding with the negotiations in good faith and so we understand that various matters will proceed under that premise,' he said after attending a ruling Liberal Democratic Party's tariff task force meeting. The task force didn't urge him to seek an extension of the July 9 deadline, either, Akazawa said. 'In negotiations, setting a deadline and trying to wrap things up by a certain date weaken your position,' he said. 'Once you try to wrap up negotiations, you will have no choice but to accept the outcome.' Japanese Prime Minister Shigeru Ishiba and US President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his US counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to 'walking through fog,' a phrase he used before the G-7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the US when various matters including rising tensions in the Middle East compete for Washington's attention. 'It is also possible that the US side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-US negotiations,' Akazawa said. 'This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the US is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25% tariff on cars and related parts as well as a 50% levy on steel and aluminum. 'Both Japan and the US have national interests that can't be compromised,' Akazawa said. 'Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.' --With assistance from Akemi Terukina. (Updates with more comments from Akazawa.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Times
5 hours ago
- Business
- Japan Times
Japan hopes good-faith negotiations will buy it some time in U.S. tariff talks
Negotiating in good faith in tariff talks with the United States could buy Japan some time and delay the implementation of much higher rates, chief tariff negotiator Ryosei Akazawa said. U.S. Treasury Secretary Scott Bessent said that as long as countries are engaged in "sincere negotiations, there's room for extensions and other possibilities,' Akazawa told reporters after a ruling Liberal Democratic Party meeting Friday. 'We, for our part, are negotiating in good faith. So we understand that things will likely proceed on that basis,' he added. Japan is subject to 25% tariffs on cars and car parts, 50% on steel and aluminum as well as a 10% baseline tariff that could rise back to 24% if no deal is struck by July 9 — the day when a 90-day grace period expires. Akazawa said at a news conference earlier in the day that while Japan sees July 9 as a critical juncture, it does not view the date as a hard deadline between the two countries. 'As the prime minister has said, there are numerous national interests — starting with the automotive sector — that Japan must protect,' Akazawa said. 'For each of these interests, we intend to negotiate in a way that ensures they are not compromised, and aim to reach agreements that will benefit both countries.' His remarks came after Prime Minister Shigeru Ishiba and U.S. President Donald Trump failed to reach an agreement on tariffs or a breakthrough of any kind when they met Monday in Canada, despite repeated suggestions of progress in recent talks over the past few weeks. 'We have been exploring the possibility of reaching an agreement until the very last moment. However, there are still points where our perceptions do not align, and therefore, we have not yet reached a comprehensive agreement as a whole,' Ishiba said after the meeting. Akazawa has so far made six trips to Washington since tariff negotiations started in April, four of them in as many weeks in the run-up to the Trump-Ishiba meeting during the Group of Seven gathering earlier this week. Akazawa said he has built a good rapport with his American counterparts, including Bessent and Commerce Secretary Howard Lutnick, which he said could be a positive factor. 'Of course, each of us is responsible for protecting our respective national interests, so even if there's trust or friendliness, negotiations don't come together easily,' he said in reply to a question from The Japan Times. 'That said, as people engage in discussions, mutual understanding of each other's character and personality deepens, and being able to negotiate with someone you regard as trustworthy — I believe that's a very positive thing.' Akazawa also noted Nippon Steel's successful acquisition of U.S. Steel after an 18-month uphill battle, saying the deal carries enormous significance and is a job well done. 'Speaking as a fellow negotiator engaged in similar talks — I truly want to say, job well done. Reaching an agreement undoubtedly involved tremendous effort, and I sincerely respect that,' he said. 'I believe this is a highly meaningful and significant agreement, not only for the economic relationship but also for the future development of Japan-U.S. ties as a whole.'
Yahoo
5 hours ago
- Business
- Yahoo
Japan Won't Fixate on July 9 in US Trade Talks, Akazawa Says
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signaling that the Asian nation stands ready for the possibility that talks will drag on. 'To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the US,' Economic Revitalization Minister Ryosei Akazawa told reporters on Friday in Tokyo. 'Japan and the US are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The US is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24% from 10% at present for Japan. US Treasury Secretary Scott Bessent has indicated the US may grant an extension to countries that are negotiating in good faith. Asked what Japan would do if the levy returns to 24% or the US puts out a different level unilaterally past the deadline, Akazawa hinted at optimism for an extension. 'We are proceeding with the negotiations in good faith and so we understand that various matters will proceed under that premise,' he said after attending a ruling Liberal Democratic Party's tariff task force meeting. The task force didn't urge him to seek an extension of the July 9 deadline, either, Akazawa said. 'In negotiations, setting a deadline and trying to wrap things up by a certain date weaken your position,' he said. 'Once you try to wrap up negotiations, you will have no choice but to accept the outcome.' Japanese Prime Minister Shigeru Ishiba and US President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his US counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to 'walking through fog,' a phrase he used before the G-7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the US when various matters including rising tensions in the Middle East compete for Washington's attention. 'It is also possible that the US side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-US negotiations,' Akazawa said. 'This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the US is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25% tariff on cars and related parts as well as a 50% levy on steel and aluminum. 'Both Japan and the US have national interests that can't be compromised,' Akazawa said. 'Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.' --With assistance from Akemi Terukina. (Updates with more comments from Akazawa.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants ©2025 Bloomberg L.P. Sign in to access your portfolio
Business Times
5 hours ago
- Business
- Business Times
Japan won't fixate on July 9 in US trade talks
[TOKYO] Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signalling that the Asian nation stands ready for the possibility that talks will drag on. 'To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the US,' Economic Revitalisation Minister Ryosei Akazawa told reporters on Friday (Jun 20) in Tokyo. 'Japan and the US are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The US is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24 per cent from 10 per cent at present for Japan. US Treasury Secretary Scott Bessent has indicated the US may grant an extension to countries that are negotiating in good faith. Asked what Japan would do if the levy returns to 24 per cent or the US puts out a different level unilaterally past the deadline, Akazawa hinted at optimism for an extension. 'We are proceeding with the negotiations in good faith and so we understand that various matters will proceed under that premise,' he said after attending a ruling Liberal Democratic Party's tariff task force meeting. The task force didn't urge him to seek an extension of the July 9 deadline, either, Akazawa said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'In negotiations, setting a deadline and trying to wrap things up by a certain date weaken your position,' he said. 'Once you try to wrap up negotiations, you will have no choice but to accept the outcome.' Japanese Prime Minister Shigeru Ishiba and US President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his US counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to 'walking through fog,' a phrase he used before the G-7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the US when various matters including rising tensions in the Middle East compete for Washington's attention. 'It is also possible that the US side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-US negotiations,' Akazawa said. 'This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the US is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25 per cent tariff on cars and related parts as well as a 50 per cent levy on steel and aluminium. 'Both Japan and the US have national interests that can't be compromised,' Akazawa said. 'Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.' BLOOMBERG
Japan Times
9 hours ago
- Business
- Japan Times
Japan won't fixate on July 9 in U.S. trade talks, says Akazawa
Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signaling that the Asian nation stands ready for the possibility that talks will drag on. "To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the U.S.,' Economic Revitalization Minister Ryosei Akazawa told reporters on Friday in Tokyo. "Japan and the U.S. are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The U.S. is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24% from 10% at present for Japan. U.S. Treasury Secretary Scott Bessent has indicated the U.S. may grant an extension to countries that are negotiating in good faith. Prime Minister Shigeru Ishiba and U.S. President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his U.S. counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to "walking through fog,' a phrase he used before the G7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the U.S. when various matters including rising tensions in the Middle East compete for Washington's attention. "It is also possible that the U.S. side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-U.S. negotiations,' Akazawa said. "This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the U.S. is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25% tariff on cars and related parts as well as a 50% levy on steel and aluminum. "Both Japan and the U.S. have national interests that can't be compromised,' Akazawa said. "Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.'
