Latest news with #tradeNegotiations
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.'
Bloomberg
11 hours ago
- Business
- Bloomberg
Japan Won't Fixate on July 9 in US Trade Talks, Akazawa Says
Japan won't fixate on the looming date that could see so-called reciprocal tariffs rise in its ongoing trade negotiations with the US, Tokyo's top negotiator said, signaling the Asian nation stands ready for the possibility that the 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.'
Bloomberg
2 days ago
- Business
- Bloomberg
UK's Reynolds Says Steel to Be Wrapped Into Wider US Trade Talks
The UK's efforts to secure lower tariffs on steel exports to the US are likely to be wrapped into a future trade negotiations, according to Business Secretary Jonathan Reynolds, dampening expectations that such a deal is imminent. Asked at a panel event in London how long it would be until the nation's steel industry would see its US tariffs slashed to zero — as promised under the initial terms of the agreement Prime Minister Keir Starmer and President Donald Trump announced in May — Reynolds said it would be 'part of the negotiation that wraps in the reciprocal tariffs as well.'
Reuters
13-06-2025
- Business
- Reuters
Japan's US Treasury holdings not a topic in Bessent meetings, minister says
TOKYO, June 13 (Reuters) - Japanese Finance Minister Katsunobu Kato said on Friday he had not specifically discussed Japan's $1 trillion-plus holdings of U.S. Treasury securities during past meetings with U.S. Treasury Secretary Scott Bessent. Kato, at a regular news conference, addressed media reports saying that Japanese Prime Minister Shigeru Ishiba told opposition leaders on Thursday that Tokyo's U.S. bond holdings came up during the two countries' ongoing tariff negotiations. "My understanding is that the topic of Japan's Treasury holdings has been left with me and Treasury Secretary Bessent," he said. "I will refrain from commenting on what we have discussed, but we have not had any specific exchanges on the handling of Tokyo's Treasury holdings." Kato caused a stir last month when he said Japan could use its holdings of U.S. Treasuries as a card in trade talks with Washington. He later clarified that Tokyo had no intention of threatening to sell U.S. Treasuries. On Friday, Kato reiterated that the primary purpose of Japan's U.S. Treasury holdings - the largest in the world - is to ensure it has sufficient liquidity to conduct foreign exchange transactions when necessary to stabilise its currency.
Zawya
12-06-2025
- Business
- Zawya
Dollar slides on easing trade tensions, Fed expectations
SINGAPORE: The dollar slid on Thursday on further signs that U.S. President Donald Trump may adopt a softer stance in tariff negotiations and heightened expectations of Federal Reserve rate cuts. Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs are imposed. U.S. Treasury Secretary Scott Bessent suggested earlier that the Trump administration may offer extensions from a July trade deal deadline for countries negotiating in good faith. The remarks renewed dollar weakness, lifting the euro to a seven-week high. It last bought $1.1525. The greenback lost 0.43% against the yen and 0.34% against the Swiss franc to last trade at 143.98 and 0.81725, respectively. Against a basket of currencies, the dollar fell to its weakest since April 22 at 98.327. "It's hard to tell whether there is a masterplan behind this, but common sense would suggest that President Trump is trying to create a level of urgency in terms of trade negotiations," said Rodrigo Catril, senior currency strategist at National Australia Bank. "I think the market, in terms of the size of the moves, is becoming a little bit more sanguine about what this all means... the market is also very wary that the picture could change quite dramatically in a week's time or two weeks' time." Elsewhere, sterling was up 0.38% to $1.3588. The Australian dollar ticked up 0.05% to $0.6506, while the New Zealand dollar rose 0.1% to $0.6033. On Wednesday, data showed U.S. consumer prices rose less than expected in May, leading traders to ramp up bets of a Fed cut as early as September and keeping pressure on the dollar. Thursday's producer price index data will be the next test for markets. The offshore yuan was last a touch stronger at 7.1953 per dollar, helped slightly by news that a fragile truce in the U.S.-China trade war was restored as both sides reached a deal following talks in London this week. "Full details have not been published, and it remains unclear if the talks brought the two largest economies closer to productive cooperation," said Mantas Vanagas, senior economist at Westpac. EURO STRENGTH The euro was clinging to strong gains on Thursday, having jumped against most other currencies in the previous session. Against the yen, the common currency last stood at 165.88 having risen to its firmest since October at 166.42 on Thursday. It was up 0.13% against the Aussie, extending a 0.9% gain from Thursday, and had also touched a one-month high of 84.88 pence overnight. While there was no immediate trigger behind the moves, analysts say the euro has over the past week drawn support from hawkish European Central Bank (ECB) rhetoric. Last week, the ECB cut interest rates as expected but hinted at a pause in its year-long easing cycle after inflation finally returned to its 2% target. "Expectations of fewer previously expected ECB rate cuts have lent some support to the euro," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. That contrasts with the likely resumption of a Fed easing cycle later this year, and as Trump has repeatedly called for U.S. rates to be lowered. Trump said last week that a decision on the next Fed chief will be coming soon, adding that a good Fed chair would lower interest rates. The euro has risen nearly 11% for the year thus far, helped in part by a weaker dollar and as investors pour money into European markets in a move away from the U.S. (Reporting by Rae Wee; Editing by Jacqueline Wong)
