Ishiba eyes better ties with S Korea after meeting foreign chief
Prime Minister Shigeru Ishiba on Wednesday expressed his desire to maintain the "good" momentum in relations with South Korea, as he met with visiting Foreign Minister Cho Hyun, who assumed his post earlier in the month.
During their first meeting at his office, Ishiba also stressed the importance of deepening trilateral cooperation with the United States, according to the Japanese government.
Bilateral and trilateral cooperation have taken on greater importance in addressing North Korea's missile and nuclear weapons development, while Tokyo is also seeking to resolve the issue of Japanese nationals abducted by Pyongyang in the 1970s and 1980s.
Before meeting with Ishiba for about 15 minutes, Cho, on his first overseas trip as foreign minister, held talks with Foreign Minister Takeshi Iwaya on Tuesday and said he wants to develop "future-oriented" bilateral ties.
"Japan and South Korea are important neighbors who must work together as partners to tackle various global challenges," Chief Cabinet Secretary Yoshimasa Hayashi said at a press conference.
Ties between Tokyo and Seoul have been improving in recent years after a difficult period due to issues related to wartime history and territory. The Korean Peninsula was under Japanese colonial rule between 1910 and 1945.
On the margins of the Group of Seven leaders' summit in Canada in June, Ishiba and South Korean President Lee Jae Myung agreed to develop stable ties, including by visiting each other's countries for talks.
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Trump tariffs: Asian reaction to new US 'reciprocal' rates
TOKYO -- Hours ahead of his Aug. 1 deadline for new "reciprocal" tariffs, U.S. President Donald Trump has announced the rates he is going to impose on imports of goods from dozens of countries. The new rates include 25% on India, 20% on Taiwan and 19% on Thailand, Malaysia and Cambodia. Countries that run a trade deficit in goods with the U.S., such as Singapore, will face the baseline rate of 10%. Some of Asia's smallest economies have been hit hardest: Laos and Myanmar both face 40%. For more in-depth reaction and analysis, here are some of Nikkei Asia's recent articles on the U.S. tariffs: - Trump unveils new sweeping tariff rates up to 41% - Taiwan says US tariff deal not final, calls 20% hit 'temporary' - China pauses US-bound company investment amid trade war - India's Modi faces opposition slam after Trump slaps 25% tariff - South Korean stocks plunge nearly 4% following US trade deal Follow the latest developments in this live blog (Japan standard time): Saturday, August 2 12:15 a.m. Malaysia's tariff deal with the U.S. is a "win-win," the Southeast Asian country's trade minister said. The deal demonstrates the strong bilateral relationship between the two countries, Malaysian Trade Minister Zafrul Aziz told a news conference. The U.S. tariff rate of 19% is "fair," he said, given the circumstances faced by neighboring countries in the region. Read more. Friday, August 1 5:15 p.m. Thailand's acting Prime Minister Phumtham Wechayachai said at a cabinet meeting that the 19% tariffs on Thai products "are the same rate as many countries in the region, which is good news," according to a government spokesperson. "A key step for the Thai government is to issue a joint Thai-U.S. statement," Phumtham said, which the representatives from both sides have drafted. Earlier, Finance Minister Pichai Chunhavajira indicated that, unlike some other countries, Thailand did not agree to eliminate tariffs on all American products. "For the types of products we are prepared for, we will give them 0%. What we are not ready for yet, we won't allow it at all, or we will allow it partially, asking for three to five years to prepare," Pichai told local media. 3:45 p.m. Soh Thian Lai, president of the Federation of Malaysian Manufacturing, pointed out that the burden of tariffs is often shared across the supply chain. "A reduction in tariffs benefits not only Malaysian exporters but also U.S. importers. It improves the overall cost equation and can stimulate demand for Malaysian goods, especially in sectors where price plays a crucial role in purchasing decisions," Soh said. While it is still too early to assess the full impact, he anticipated that several export-oriented industries like electrical and electronics machinery and equipment, rubber-based products and processed industrial goods, may benefit from improved competitiveness and increased demand. And while some front-loading of orders may have occurred earlier, Soh predicted that the tariff cut is likely to encourage more exporters to consider "taking on new orders." 2:15 p.m. Alexandra Hermann, lead economist at U.K.-based consultancy Oxford Economics, said the 25% tariff rate on Indian exports -- higher than Asian peers such as Vietnam, Japan and South Korea -- will put the country at a disadvantage in the medium term, damaging "export prospects and investment appeal." Hermann warned that Trump's threat to penalize Russia's trading partners could also weigh on India, forcing it to replace discounted Russian oil. "Though probably temporary, an additional 100% duty over the remainder of Q3 would shock confidence and could push global oil prices to $80-$90, raising India's import bill," she said. "Public finances would likely take some of the hit to cushion the inflationary impact in the near term, with state-owned oil refiner margins potentially absorbing most of the cost." Hermann added that there is still room for negotiations, as indicated by Trump, with final tariffs of 15% "a plausible upside scenario." 2 p.m. Kriangkrai Thiennukul, president of the Federation of Thai Industries, stated that Thailand's success in negotiating the rate down from 36% to 19% reflects close cooperation between the public and private sectors. "This tariff rate is at an acceptable level. No one gains or loses too much. Overall, Thai products can still compete, but businesses with margins below 10% will need to cut costs, improve efficiency and negotiate with trading partners." 1:50 p.m. By midday, the Kuala Lumpur Stock Exchange was up nearly 20 points, or 1.3%, at 1,531.88, after slipping from its sharp rise to 1,533.10 at the opening. Hong Leong Investment Bank (HLIB) said in a statement that the EMS, or electronic manufacturing services, and glove industries are regarded as immediate beneficiaries of the tariff announcement. However, it noted that both sectors are "still grappling" with industry-specific headwinds, which could temper further rises. HLIB said its target for the benchmark KLCI for the rest of 2025 will be 1,640. 1:15 p.m. Top executives at Singaporean lender Oversea-Chinese Banking Corp. on Friday highlighted uncertainty and volatility from Trump's continuing trade war. While OCBC's home market Singapore, which has a trade deficit with the U.S., is set to have its tariff rate kept at the baseline of 10%, the bank counts China, a main target of Trump's protectionist campaign, as a key external market. "The impact we see in the environment is really customers re-evaluating their investment decisions," OCBC's Deputy CEO Tan Teck Long said during an earnings briefing on Friday. "When the tariff charge on China products was very high at triple digits, we found that the merchandise from a major manufacturing country such as China found its way to other markets ... [and] some of the local businesses suffer from this intense competition." 1 p.m. Tricia Yeoh, associate professor at the University of Nottingham Malaysia, raised concerns that the U.S. could place further pressure on Malaysia to concede on non-trade matters, including its relationship with China and countries in the Middle East. "If so, we are entering an interesting and unprecedented new global order, one in which non-traditional matters of security and foreign policy are grounds for negotiating traditional trade and economic deals," she said. 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His agencies have a lot of latitude in implementation." 12:20 p.m. Malaysia's Trade Minister Zafrul Aziz welcomed the outcome, saying that it reflects "strong and enduring economic ties" between the two countries. "It is also a testament to Malaysia's credibility as a reliable trade and investment partner. We thank our counterparts in the U.S. especially the U.S. Trade Representative's Office and the Department of Commerce for their constructive cooperation and support throughout the negotiation process," Zafrul said in a statement. The statement also noted that Malaysia had "stood firm" on various "red line" items such as its affirmative action Bumiputera policy, procurement and opportunities for local companies. 12:10 p.m. Brian McFeeters, CEO and president of the US-ASEAN Business Council, said that since the "reciprocal" tariff rates for exports to the U.S. from several Southeast Asian countries are the "same or close," there should not be "massive shifts" in movable production. 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"Instead of the U.S. at the head of a system created to reduce trade barriers and conduct trade relationships according to predictable, mutually agreed rules, countries wishing to trade with the U.S. will now face dramatically higher tariffs that could be further increased at the whim of a president who has shown a disdain for trade rules and trade agreements -- even those which he himself has signed," he said. Olson said that while many countries continue to adhere to the principles of free trade, the U.S. is effectively opting out and it "remains to be seen how or if that system can continue to function." He warned that the latest announcement is unlikely to be the end of the story. "Trump regards this as an ongoing reality show. More 'deals' or further tariff increases are almost certain to follow." Southeast Asian countries hoping to pursue export-led development "will be especially hard hit," he said. As for China, Olson said it "has an opportunity to pick up the pieces and seize the mantle -- perhaps rhetorically more than in practice -- as the leader of rules based trade." At the same time, Trump's imposition of a 40% transshipment duty will be perceived as directed against Chinese interests and "will inevitably spill over" in the superpowers' ongoing trade negotiations. 11:35 a.m. Nazir Razak, chair of the ASEAN-Business Advisory Council (ASEAN-BAC) said the reduction in tariffs on Malaysian goods from 25% to 19% is a "positive step forward" and hopefully there would be opportunity for further engagement and reductions. "ASEAN-BAC encourages continued efforts toward a more predictable, open and mutually beneficial trade environment for Malaysia and other ASEAN nations," he said. On the semiconductor front, Wong Siew Hai, president of Malaysia Semiconductor Industry Association commended that the government has put in a tremendous amount of effort to get it down as low as possible, in a "more level playing ground" relative to all the other countries in ASEAN. "From our perspective, the way I see it is that currently business will be as normal. Meanwhile, everybody has to find a way to compete as aggressively as possible, by working on productivity, getting on into technology and so on, until everything settles. Nothing is said about the sectoral tariff that is currently exempted," Wong said. 11:30 a.m. Australia's Minister for Trade Don Farrell said the country's engagement with the U.S. had paid off after the U.S. ally's tariff rate remained at 10%, and added that the government would move to take advantage of having a more competitive rate than some peers. "This is a vindication for the Albanese government, and particularly the prime minister, in the cool and calm way that we have conducted diplomacy with the United States," Farrell told reporters in Adelaide on Friday. He said Australian products like beef -- its top export to the U.S. -- as well as lamb, wine and wheat would be more competitive in the U.S. "As a government, we will assist all of our exporters in ensuring that we take advantage of this situation and increase the volume of exports, not just to the United States, but to all of those other countries that we have diversified with," he said, adding the government would continue pushing its U.S. counterparts to eliminate tariffs and had invited U.S. Secretary of Commerce Howard Lutnick to Australia for discussions. 11:05 a.m. Here are the U.S. "reciprocal" rates on key Asian countries: For further charts on the latest tariffs, check out our tracker. 11:05 a.m. The latest U.S. tariff adjustments reflect a more nuanced approach to "friendshoring," targeting countries closely tied to Chinese value chains while easing pressure on those like Malaysia that retain strategic flexibility, said Khoo Ying Hooi of the University of Malaya. "It signals that the U.S. is not shutting out ASEAN but curating trade ties based on geopolitical behavior," she told Nikkei Asia, adding it boosts investor confidence in Southeast Asia as a viable alternative for supply chain diversification. Former diplomat Ilango Karuppannan agreed, calling it a dual message of discipline and openness. While higher tariffs may raise cost concerns, he said the move also reaffirms Southeast Asia's strategic role in U.S. supply chain realignment. Countries like Malaysia, Thailand, and Indonesia may benefit as "second-best" but geopolitically favorable options. Mohd Faiz Abdullah of the Institute of Strategic and International Studies noted that Malaysia's role in the Thai-Cambodia truce and Prime Minister Anwar Ibrahim's diplomatic engagement influenced the outcome. "This deal was reached without compromising our sovereignty -- our Bumiputera policy, procurement rules, and domestic space remain intact," he said, referring to affirmative action policies to help native Malays. 11 a.m. Taiwan's President Lai Ching-te posted on Facebook that his negotiators in Washington were informed by the U.S. that the 20% rate is "provisional." "The main reason is that, due to procedural arrangements, the U.S. and Taiwan have not yet completed the final wrap-up meeting," Lai wrote. "If an agreement is reached later, the rate is expected to be reduced." He added that the two sides will continue negotiations on supply chain cooperation and other matters. 10:55 a.m. Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira, who led the government's negotiation team, said in a social media post: "It helps maintain Thailand's competitiveness on the global stage, boosts investor confidence, and opens the door to economic growth, increased income, and new opportunities for the country. "The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead." 10:50 a.m. Wendy Cutler, senior vice president of the Asia Society Policy Institute and a former deputy U.S. Trade Representative, flagged some of the key things in, and missing from, Trump's executive order (EO): "What seems to be absent from the EO is whether existing or new rules of origin will be issued and/or negotiated. This is of key importance in light of the 40 percent transshipment tariff now applicable beyond Vietnam. "U.S. companies will also face challenges as they navigate this new tariff landscape. Of particular concern is the continued uncertainties they will face with new sectoral tariffs coming and possibilities of additional tariffs if the Administration believes countries are not operating in good faith in their implementation efforts. "No doubt about it -- the EO and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since WW2. Whether our partners can preserve it without the United states is an open question." 10:45 a.m. U.S. President Donald Trump announced the new tariff rates in an executive order early evening Washington time, early morning in East Asia.
The Mainichi
5 hours ago
- The Mainichi
City in Kyoto Pref. calls for probe into Japan-US military drill held without prior notice
KYOTANGO, Kyoto -- The Kyoto Prefecture city of Kyotango on July 31 called for confirmation of the facts surrounding a joint Japan-U.S. military exercise that went ahead at a U.S. base in the city without prior notification to local officials. The Kinki-Chubu Defense Bureau of the Ministry of Defense admitted that it was also unaware of the joint exercise and stated, "We will investigate the facts and provide a response." The Kyotango Municipal Government raised the issue at a Defense Ministry-hosted liaison conference on safety and security measures related to the Kyogamisaki Communications Site in Kyotango, which is equipped with an X-band radar for detecting and tracking ballistic missiles. One local resident voiced concerns about the failure to notify the city, stating, "Civilian control is being ignored. Japanese and U.S. military organizations are acting independently on the front lines, which is extremely dangerous." Joint Japan-U.S. training exercises have often been held at the Kyoto Prefecture site in the past, but the Ministry of Defense has usually informed the city and local districts about the content of the drills in advance. This time however, even the Kinki-Chubu Defense Bureau, which has jurisdiction over the area, was unaware of the exercise -- an unusual state of affairs. Kyotango Deputy Mayor Kazuyoshi Nakanishi pointed out during the meeting that a post on the communications site's Facebook page on July 16 showcased the joint training between the Japan Ground Self-Defense Force's 7th Infantry Regiment from the Kyoto Prefecture city of Fukuchiyama and the U.S. military. He urged the Defense Ministry to "properly inform the city and local residents about training exercises without fail." In response, the Kinki-Chubu Defense Bureau apologized, stating, "We deeply regret the inconvenience caused. We will ensure that information is provided to the city and local districts in the future." However, it also stated, "We do not have any information that we can explain." The Facebook post stated that U.S. soldiers and SDF members "conducted a comprehensive exercise as a part of a FTX (Field Training Exercise)," which "consisted of various scenarios, which contributes to our bilateral success as a combined military force." One resident near the communications site expressed their concerns, stating, "The most serious issue is that the joint Japan-U.S. exercise was conducted on the front lines without (Japanese) defense authorities being informed. This is a grave situation. Conducting drills without defense authorities' knowledge is unacceptable under civilian control. I want the facts to be thoroughly investigated and publicly released." According to a resident who witnessed the training near the site, the exercise was conducted July 10. (Japanese original by Toshio Shioda, Maizuru Local Bureau)
