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Ryosei Akazawa, Tokyo’s chief tariff negotiator, said Japan made progress in the fifth round of trade negotiations with U.S. officials. He added that he aimed to end tariffs that hurt his country’s economy. Akazawa claimed that tariffs imposed on autos, auto parts, steel, and aluminum, including some that had doubled to 50% along with the 10% general tariff, were causing daily losses to Japan’s economy. He, however, declined to disclose what progress they had made. Akazawa previously said that Japan and the U.S. were arranging a meeting between Prime Minister Shigeru Ishiba and President Trump on the sidelines of the G7 summit in Canada, which will start on June 15. The latest round of talks was the last in-person meeting between top Japanese and U.S. officials before the G7 leaders’ summit, where Trump is expected to meet Ishiba. Akazawa says talks must balance urgency with national interests Japan faces a 24% tariff rate in July unless it negotiates a deal with Washington. However, Akazawa disclosed last month that U.S. defense equipment purchases, ship-building technology collaboration, a revision of automobile import standards, and increased agricultural imports could be bargaining chips in tariff talks. The Minister in charge of Japan’s economic revitalization now says the trade negotiations must consider balancing urgency with the need to guard national interests. Japan also hinted it was weighing whether to accept a cut in the rates as the United States continued resisting a complete removal of the duties. It proposed a mechanism to reduce the auto tariff rate based on how much countries contributed to the U.S. auto industry. Under Japan’s latest proposal, Washington would also lower auto tariffs based on the number of vehicles Japanese automakers produced in the U.S. and the volume of cars exported from the U.S. plants to other markets. “We want…

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Filed under: News - @ June 7, 2025 7:29 am