Delayed Talks: Japan-U.S. Investment Pact Awaits Finalization
Ryosei Akazawa's visit to the U.S. has been postponed due to unresolved issues in finalizing a $550 billion investment pact between Japan and the U.S. The agreement includes lowered tariffs on Japanese imports in return for U.S.-bound investments through government-backed loans. Details remain under negotiation.
Trade negotiations between Japan and the United States have hit a snag, with Japan's negotiator Ryosei Akazawa canceling a planned visit to the U.S. Scheduled discussions aimed at finalizing a massive $550 billion investment agreement were delayed due to administrative hurdles, according to a government source.
The U.S. Commerce Secretary, Howard Lutnick, indicated that an announcement is forthcoming, amidst unresolved issues that need attention before official meetings can proceed. The proposed deal includes a reduced 15% tariff on Japanese imports in exchange for substantial U.S.-bound investments. However, specifics of these investments are still being ironed out.
Negotiations hinge on adjustments to the July 31 presidential order to address overlapping tariffs on Japanese goods. Additionally, discussions continue on a further reduction in tariffs on Japanese cars. Both parties await resolutions before moving forward.
(With inputs from agencies.)
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