Ishiba lauds tariff deal with U.S. as result of 'strong efforts'
Prime Minister Shigeru Ishiba touted the Japan-U.S. tariff agreement, emphasizing the achievement reached after long negotiations, and pledging to meet with U.S. President Donald Trump if needed.
Regarding the 15 percent tariffs on automobiles and reciprocal tariffs, Ishiba told reporters on July 23, 'This is the lowest figure to date among countries with trade surpluses with the United States.'
He also noted that the Japanese side did not lower tariffs on agricultural and other products imported from the United States.
'This is the result of our consistent advocacy and strong efforts to reach out to the United States,' he said.
As for whether he would meet with Trump in the future, the prime minister said, 'If necessary, we will have talks by phone or in person.'
Regarding whether he will remain in office following the LDP-led coalition's loss of the majority in the Upper House on July 20, Ishiba said, 'I can't make a statement without carefully examining the details of the (tariff) agreement.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NHK
5 minutes ago
- NHK
Japan urges US compliance with trade agreement
The new tariff rates set by US President Donald Trump will go into effect from August 7. Japanese Prime Minister Ishiba Shigeru said on Friday that his country is urging the US to swiftly take measures to implement the deal they reached last week, including reducing levies on automobiles and auto parts. Trump signed an executive order on Thursday increasing tariffs on dozens of countries and regions. It says the baseline levy on imports from Japan is 15 percent, which is the same rate the two sides agreed on last week. Japanese officials said at the time that US tariffs on automobiles would be 15 percent, but the latest executive order makes no mention of that. Treasury Secretary Scott Bessent said the agreement with Japan will be reviewed every quarter, warning that if Trump is not satisfied with the progress, Washington may reinstate a tariff of 25 percent on cars and other goods.
The Diplomat
34 minutes ago
- The Diplomat
How Is Vietnam Navigating the New Trade War Era?
Can Vietnam adapt its economic model to this era of geopolitical fragmentation – or will it become collateral damage in someone else's trade war? When U.S. President Donald Trump threatened Vietnam with a 46 percent tariff on April 2 – 'Liberation Day' – he exposed a fundamental contradiction at the heart of the Southeast Asian country's economic miracle. For years, Vietnam had perfected the art of being indispensable to both the United States and China – a nimble intermediary that helped both superpowers circumvent their own destructive trade war. Since 2017, its exports to the U.S. had nearly tripled, transforming it into a manufacturing powerhouse that seemed immune to geopolitical disruption. But as a Vietnamese proverb warns: When buffalo and oxen lock horns, mosquitoes suffer. As Trump doubles down on decoupling from China, 'connector economies' like Vietnam are caught in the crossfire. With a ballooning trade surplus with the United States – third only to China and Mexico in 2024 – Vietnam has drawn accusations of acting as a transshipment hub for Chinese goods. Trump's senior counselor, Peter Navarro, went so far as to call the country 'a colony of communist China.' Although the initial tariff was eventually suspended, the threat rattled Vietnam's economy. Its Purchasing Managers' Index (PMI) plunged to 45.6 in April – its sharpest contraction since the pandemic. While May and June brought marginal rebounds, the index remained below the critical 50 mark, pointing to continued weakness in export orders. True to form, Vietnam responded with its trademark agility. Within days of the 'Liberation Day' announcement, To Lam, the general secretary of the Communist Party of Vietnam (CPV) and the country's powerful new leader, was on the phone with Trump offering concessions. A flurry of diplomacy followed: a meeting with Chinese President Xi Jinping, trips to Moscow and Central Asia, and trade overtures to France and Thailand. Hanoi eventually reached a deal with the U.S., yet the compromise – a dual-tariff system of 20 percent on Vietnamese-made goods and 40 percent on those deemed 'transshipped' from China – was just a Band-Aid on a bullet wound. Vietnam's deeper dilemma is structural. As the United States and China decouple, the room for profitable neutrality narrows. The country can no longer just plug into the highest-return circuit. Economic globalization, which has powered Vietnam's rise, is fracturing. The challenge now is existential: can Vietnam adapt its economic model to this era of geopolitical fragmentation – or will it become collateral damage in someone else's trade war?
The Diplomat
34 minutes ago
- The Diplomat
The Evolution of ‘Made in China 2025'
The success of China's 'Made in China 2025' initiative cannot be judged simply by how effective the policy was in developing robotics, aerospace, advanced information technology, biopharma, new energy vehicles, and the five other key sectors that were meant to transform the country from a low-cost manufacturing hub into a global high-tech leader. It also needs to be evaluated in light of the priorities that fully emerged only after its launch in 2015: achieving technological self-reliance and bringing industrial supply chains within China's borders. Over the past decade, the Made in China 2025 strategy has successfully driven industrial development in many of its 10 focus sectors. But Beijing's shift toward economic security has broadened this approach, bringing a wider move toward cross-sectoral industrial dominance and more self-sufficient, high-tech supply chains. While localizing value chains inside China and self-sufficiency were part of the mix 10 years ago, the strategy was primarily designed to help China avoid the middle-income development trap, position its companies to become global leaders in their fields, and generate sustained economic growth through assertive industrial policy. China has made great strides in shifting its focus from low-cost production to tech innovation and manufacturing quality – yet supply chain dependencies persist. When Made in China 2025 was launched, it focused on 10 industries with a range of goals. The original policy and roadmap prioritized targets for market share and patent applications and the development of quality Chinese brands, while more broadly aiming to upgrade the economy to move China up global value chains. At the time, the country enjoyed access to international markets, foreign technology, and cross-border investment – and most of its policymakers, private sector, and scientific community did not support a push for more self-reliance. For instance, tech companies like Alibaba and Tencent focused their R&D efforts on the design side of the semiconductor value chain but relied on South Korean or Taiwanese technology for the actual production of chips. The onset of the China-U.S. trade war during Donald Trump's first presidency changed this equation. Washington's restrictions on Chinese tech giants Huawei and ZTE and the resulting broader tech war after 2018 galvanized Chinese society to embrace a whole-of-nation effort for technological advancement and self-reliance. Accordingly, the focus of Made in China 2025, as well as Beijing's metrics for assessing its results, shifted from avoiding the middle-income trap to achieving technological independence across its 10 focus sectors – with varying degrees of success.
