Japan calls on us to drop auto tariffs as trading talks progress before the G7 Summit | Mint

Japan and the US held another round of trade talks in Washington, as officials try to reach an agreement before a group of seven summit in Canada and a meeting between President Donald Trump and Prime Minister Shigeru Ishiba. Japan’s best trade negotiator Ryosei Akazawa met for 70 minutes with US trade secretary Howard Lutnick and Treasury Secretary Scott Besent Friday for 45 minutes. The talks took place a few hours after Ishiba said Japan continued to ask the US to withdraw the rates after a call with the US president. “To reach an agreement that is mutually beneficial, we have had very profound discussions with the two ministers and investigated the possibility of reaching an agreement,” Akazawa told reporters after the sixth round of trade negotiations. “We have further discussed discussions on issues such as the expansion of bilateral trade, non-tariff measures and collaboration on economic safety.” Akazawa did not want to say whether a path to an agreement is in sight or comments on whether Ishiba and Trump start an agreement on the sidelines of the G-7 event in Canada on Sunday. Akazawa said he could join the Prime Minister in Canada. After the earlier call with Trump, Ishiba said both parties agreed to accelerate talks to reach a mutually beneficial agreement and gather in Canada. Japan is seeking a written agreement from the US, saying that the Asian country will be exempt from additional tariff increases on certain sectors such as Autos, the Mainichi newspaper reported late Friday. Japan is one of the world’s most important exporters who performed the greatest due to Trump’s flurry of trading tariffs, as the economy is on the brink of a technical recession before a national election. The US administration imposed a 25% rate of imported cars and auto parts and a 50% levy on steel and aluminum. A 10% across the orchard of other goods from Japan will rise to 24% on July 9 with an agreement. The car -related rate is likely to hit Japan’s economy hardest, as cars and auto parts make up a third of the country’s exports to the US and the industry is one of its largest employers. Earlier this week, Trump became the idea of ​​increasing car rates even more, a move that would further increase the pressure on Japan’s leading car manufacturers and a widespread ecosystem of suppliers and related businesses. Toyota Motor Corp., Honda Motor Co., Nissan Motor Co. And other Japanese car manufacturers are already working on a collective profit hit of more than $ 19 billion this financial year alone from the existing levy. Akazawa said Japan was trying to avoid the car rates going even higher via its bilateral talks with the US. He did not reveal any further details of the latest negotiations and said Japan continues to strive for a single package of trade agreements. Akazawa said he had already informed Ishiba about the latest negotiations while refusing to comment on what he specifically told the Prime Minister. In a separate development related to another possible talk point between the two leaders, Trump formally opened the door to Nippon Steel Corp. ‘s purchase from the United States Steel Corp. approve. The Trump administration submitted a proposed national security agreement to the businesses that cleanse the sale on Friday, as long as the companies comply with the government’s conditions. “The Japanese government is of the opinion that this investment will strengthen the capacity of the Japanese and US steel industries to generate new innovation and lead to the strengthening of the close partnership between Japan and the US,” Trade and Industry Minister Yoji Muto said after the White House announcement. The progress in accepting the agreement may be a positive sign of how Trump Japanese efforts will welcome to investing in the US production that ensures or creates work for Americans. Japan highlighted its track record as the leading overseas investor in the US, as it attempts to reach an agreement with the Trump administration. Regarding the timing of a US-Japan trade transaction, Berry did not produce the possibility of a deadline extension in the latest talk round, Akazawa said. The Treasury Chief this week hinted that the July 9 deadline for the suspended reciprocal rates could be expanded for the countries that negotiate well-negotiated on trade. Akazawa bent a question about whether Ishiba and Trump would announce an agreement with the G-7. “Negotiations can sometimes suddenly reach an agreement, or they can go on unexpectedly for a long time,” Akazawa said. “It’s like getting caught up in the fog. Sometimes the fog suddenly lifts in the morning. Sometimes it never seems to clear up, no matter how much time goes by. For that reason, I would prefer to refrain from delivering any premature statements. ‘