High-Stakes Tariff Talks: Japan and U.S. Seek Resolution
Japan is striving to negotiate with the U.S. to end tariffs causing economic strain. The focus is on resolving tariffs on autos, parts, steel, and aluminum before the G7 summit. Japan also explores strategic trade concessions, underscoring the urgency for a favorable agreement.
Japan has made progress in a fifth round of trade talks with U.S. officials regarding the challenging tariffs impacting its economy. Tokyo's chief negotiator, Ryosei Akazawa, emphasized the detrimental effect of tariffs on autos, parts, steel, and aluminum, some of which have doubled to 50%.
Akazawa remained tight-lipped on specific advancements. However, the latest negotiations could be pivotal, given that it might be the final face-to-face meeting with U.S. officials before the G7 summit on June 15, where Japanese Prime Minister Shigeru Ishiba is set to meet U.S. President Donald Trump.
Facing a potential 24% tariff in July, Japan is eager for a resolution. The country aims for an agreement that harmonizes urgent economic needs with safeguarding national interests, potentially involving defense equipment purchases and agricultural imports as negotiation tools.
(With inputs from agencies.)
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