Tokyo Consumer Prices Signal Rise in Japan-Wide Inflation
Excluding fresh food, consumer prices in Tokyo rose 3.6% in May from a year earlier as food prices continued to rise, official data showed Friday. That compared with April's 3.4% increase and the 3.5% growth expected in a poll of economists by data provider Quick.
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Washington Post
an hour ago
- Washington Post
Trump calls leaders of Thailand and Cambodia to push for a ceasefire
President Donald Trump said Saturday that he had called the leaders of Cambodia and Thailand to urge them to reach a ceasefire, suggesting that if their deadly border conflict continues, he would hit both countries with heavy tariffs on Aug. 1. The three-day-long clash between the two countries has been escalating, with more than 30 dead, thousands displaced and troops massing on both sides of the border, prompting growing concern from global leaders. Each country blames the other for starting the conflict and says it is acting in self defense. Trump said on Truth Social that he had spoken with both Cambodian Prime Minister Hun Manet and Phumtham Wechayachai, Thailand's acting leader, to urge an end to the skirmish. The United States is engaged in trade talks with Thailand and Cambodia, he noted, but he could cease those negotiations. 'We happen to be, by coincidence, currently dealing on Trade with both Countries, but do not want to make any Deal, with either Country, if they are fighting — And I have told them so!' Trump posted. In a separate post, he said he had a 'good conversation' with the Thai leader. 'After speaking to both Parties, Ceasefire, Peace, and Prosperity seems to be a natural. We will soon see!' he wrote. He also suggested that his administration was adept at handling international conflicts. 'I am trying to simplify a complex situation! Many people are being killed in this War, but it very much reminds me of the Conflict between Pakistan and India, which was brought to a successful halt,' he added. Trump's mention of India and Pakistan referred to a U.S.-brokered ceasefire between those two countries that was reached in early May after several days of heavy fighting broke out. That ceasefire was reached after Secretary of State Marco Rubio engaged in intensive shuttle diplomacy between Indian and Pakistani leaders. The president's latest pronouncements were another reflection of the way he is wielding the threat of tariffs to push other nations to bend to his preferences on issues beyond trade. Imports from Thailand and Cambodia are slated to face among the Trump administration's heaviest levies, 36 percent, if the countries do not reach a trade deal with the U.S. by Aug. 1. Trump made his announcement Saturday while visiting Scotland to play golf at his course in Turnberry, a trip that has attracted both supporters and protesters. His public intervention in the Thailand-Cambodia conflict raises pressure on the two countries, but the outcome is far from clear. Cambodia called for an 'immediate ceasefire' on Friday. But Thai officials have tempered their response. Thailand 'agrees in principle to have a ceasefire in place,' Phumtham, the acting Thai prime minister, posted on Facebook on Saturday after Trump's announcement. 'However, Thailand would like to see sincere intention from the Cambodian side.' Thai Foreign Minister Maris Sangiampongsa also said Saturday that Cambodia must be the first to suspend hostilities since Thailand accuses Cambodia of initiating the conflict. Sangiampongsa earlier turned down the prospect of third-party mediation, saying that negotiations must be bilateral. In three days of fighting, the clashes have killed at least 33 people. Thirteen Cambodians and 20 Thais have died, according to the Associated Press, and most of those killed have been civilians. The conflict has caused wide disruption in the area, and more than 168,000 people living near the border have been displaced. Cambodian Information Minister Neth Pheaktra said Saturday that 37,635 Cambodians were forced to relocate. About 131,000 people on the Thai side have also fled their homes, and Thailand has declared martial law in eight border districts.
Yahoo
an hour ago
- Yahoo
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
WASHINGTON (AP) — President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. "Japan is putting up $550 billion in order to lower their tariffs a little bit," Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'' Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States during which I held talks with the president and the ministers," Akazawa said. 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. 'We definitely want to avoid that and I believe that is the understanding shared by the U.S. side,' he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton 'minimum access' cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.' ___ Yamaguchi reported from Tokyo. Josh Boak And Mari Yamaguchi, The Associated Press Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
WASHINGTON (AP) — President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. "Japan is putting up $550 billion in order to lower their tariffs a little bit," Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'' Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States during which I held talks with the president and the ministers," Akazawa said. 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. 'We definitely want to avoid that and I believe that is the understanding shared by the U.S. side,' he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton 'minimum access' cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.' ___ Yamaguchi reported from Tokyo. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
