
G20 finance chiefs point to rising economic uncertainty
The meeting came after US President Donald Trump announced plans to hit a host of countries with higher levies.
The G20 issued a communique on Friday. It says the global economy faces complex challenges that pose a risk to growth and stability.
Unlike previous statements, it does not refer to resisting protectionism.
Japanese Finance Minister Kato Katsunobu told reporters that the joint communique underscores the G20's commitment to addressing challenges together.
Some economic observers say new US tariffs could sow confusion in global supply chains, raising the need for coordinated measures from the G20 and other international frameworks.
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Japan Times
4 hours ago
- Japan Times
Akazawa jets to Washington for tariff talks after historic election
Japan's chief tariff negotiator flew to Washington on Monday for an eighth round of trade talks, just a day after the ruling coalition suffered a dramatic defeat in an Upper House election and less than two weeks ahead of a key tariff deadline. While the political landscape was upended by Sunday's vote, Ryosei Akazawa stuck to the script and offered no indication that anything has changed in terms of Japan's stance, or that the United States is willing to back down in its demands. 'While protecting our national interests, I want to quickly find common ground where both Japan and the United States can agree,' he told reporters at Haneda Airport on Monday morning before his departure. The U.S. is set to impose a 25% "reciprocal" tariff on most goods from Japan on Aug. 1 — up from the current 10% — unless a deal is struck. On multiple occasions in recent weeks, U.S. President Donald Trump has openly complained about the lack of progress in negotiations with Japan. No tangible results have been achieved after months of talks. Trump has said he might just end negotiations and let the 25% rate go into effect, as outlined in a letter sent to Prime Minister Shigeru Ishiba on July 7. Separate sector-specific Trump tariffs are already in effect, including 25% on vehicles and auto parts and 50% on steel and aluminum. The U.S. president has said he will start imposing tariffs on pharmaceutical products as early as the end of July. U.S. Treasury Secretary Scott Bessent, who was appointed by Trump to lead negotiations with Japan in early April, visited Tokyo and Osaka before Sunday's vote. 'A good deal is more important than a rushed deal, and a mutually beneficial trade agreement between the United States and Japan remains within the realm of possibility,' Bessent wrote in a post on social media platform X after a brief meeting with Ishiba on Friday. "I look forward to continuing formal talks in the future,' he added. The election could change the calculus of negotiations as the Liberal Democratic Party-Komeito coalition, with less than a majority in both houses, is now greatly weakened. The prime minister could step down despite his insistence that he intends to stay on, while the coalition will have to incorporate another party or seek the cooperation of opposition parties on a case-by-case basis to effectively govern. In his first comments since the Sunday's vote, Ishiba shed no light on the implications of the historic loss on tariff talks, but he remained guardedly upbeat and said that he hopes to speak with Trump about the tariffs. "I also plan to talk with President Trump and present a visible outcome as early as possible," Ishiba said.


Japan Times
4 hours ago
- Japan Times
The Middle Ages are making a political comeback
In one of the most memorable scenes in "Pulp Fiction,' a film replete with memorable scenes, a Los Angeles gangster, Marsellus Wallace, turns the tables on a man who has kidnapped and abused him. He's going to get a couple of friends to go to work on his assailant "with a pair of pliers and a blow torch,' he says, and ensure that he spends "the rest of his short life in agonizing pain.' In short, he's going to "get medieval' on him. There has been an awful lot of "getting medieval' in the world recently. The "12-day war' between Israel and Iran was all about the most modern weapons of mass destruction humanity has devised. Yet it was frequently discussed in a language that is more resonant of the Middle Ages than the scientific laboratory. Consider Donald Trump's "rage tweet' in reply to the Democratic Rep. Alexandria Ocasio-Cortez ("stupid AOC') and her suggestion that the president should be impeached for authorizing the bombing of Iran without congressional approval. Or Democratic Rep. Ilhan Omar, who gets called "the mouse.' Former U.S. President Joe Biden is "Sleepy Joe.' Sen. Chuck Schumer is "Cryin' Chuck' or "Our Great Palestinian Senator.'


The Mainichi
6 hours ago
- The Mainichi
Yoroku: Debate on regulations against foreigners in Japan should be conducted rationally
The term "xenophobia," derived from the Greek words "xenos" (meaning stranger) and "phobos" (meaning fear), was selected as one of the English-speaking world's "words of the year" in 2016. This came in response to the surge in online searches following the United Kingdom's move to leave the European Union due to a backlash against an influx of immigrants. In the United States, then-President Barack Obama used the term to criticize presidential candidate at the time Donald Trump's immigration policies. This was seen as a reaction against globalization, which had advanced after the Cold War's end and China's accession to the World Trade Organization. The trend continues, as evidenced by the anti-immigrant far-right's success in Germany's general election in February. Japan appears to have been no exception. In the July 20 House of Councillors election, "regulations on foreigners" became a more contested issue than measures to combat high prices. An American newspaper described the election strategy of the right-wing populist party Sanseito, which significantly increased its seats by promoting "Japanese First" policies, as Trump-style. Since the bubble economy era mainly in the late 1980s, Japan's society, once considered closed, has become more internationalized. The "alien" label disappeared from foreign entry counters at entry points to Japan in 1988. The following year saw the enactment of a revised immigration law, and in 1993, the Technical Intern Training Program for foreigners began. The rapid increase in foreign residents resulted from national policies addressing challenges like the declining birth rate and an aging population. The term "post-truth," where emotions have more influence than facts, was also named "word of the year" nine years ago. The lingering closed nature toward refugees remains, and "preferential treatment for foreigners" is far from reality. Seeking to vent dissatisfaction with foreigners and falling into exclusionary attitudes will lead to a dead end. Given the major setback of the ruling Liberal Democratic Party and its junior coalition partner Komeito in the upper house election, political instability is inevitable, but it is hoped that the debate on regulations on foreigners will be conducted in a rational manner.