Latest news with #Ryosei Akazawa
Bloomberg
9 hours ago
- Business
- Bloomberg
Asian Trade Negotiators Make Late Push to Avoid Full Force of Trump Tariffs
With the Aug. 1 deadline for higher tariffs looming, Asian governments are hoping a flurry of last-minute diplomacy will secure them better deals from the White House. Japan's chief trade negotiator Ryosei Akazawa met with US Commerce Secretary Howard Lutnick for more than two hours on Monday — his eighth round of trade talks with US officials. While yet to cut a deal, Akazawa is still hoping to achieve a mutually beneficial agreement while still protecting his country's national interests, according to a Japanese statement. Next up: the Philippines, with President Ferdinand Marcos Jr. visiting Donald Trump in the Oval Office later Tuesday. Meanwhile, Malaysia's negotiators are also seeking to lower their tariff to about 20%, instead of the 25% threatened by the Trump administration. But their efforts are being complicated by a reluctance to meet Washington's demands, such as an extension of tax breaks on American electric vehicles and a reduction of foreign shareholding limits in the politically sensitive power and financial sectors.
Japan Times
2 days ago
- Business
- 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 days ago
- Business
- Japan Times
Ishiba and Bessent say 'good' trade agreement still possible
Prime Minister Shigeru Ishiba and U.S. Treasury Secretary Scott Bessent indicated the two nations could reach a "good' trade deal while signaling the process may take more time. "A good deal is more important than a rushed deal,' Bessent said following a meeting with Ishiba in Tokyo. "A mutually beneficial trade agreement between the United States and Japan remains within the realm of possibility.' "I look forward to continuing formal talks in the future,' Bessent said in a post on X. Ishiba urged Bessent to continue talks vigorously with Japan's chief negotiator Ryosei Akazawa to achieve a mutually beneficial agreement. The two sides didn't discuss specifics on trade even as an Aug. 1 deadline for higher levies approaches, Ishiba told reporters after meeting Bessent on Friday. "There are many areas in which Japan and the United States should cooperate in the fields of economy and security,' Ishiba said. "Secretary Bessent stated that a good agreement would definitely be reached.' Bessent, who is in Japan for the first time since taking his current position, was set to attend the U.S. National Day at the World Expo in Osaka on Saturday. As trade wasn't the main purpose of his visit, the two sides didn't delve deeply into the subject, according to Akazawa, who spoke to reporters before Ishiba. Akazawa is also set to meet Bessent in Osaka, and the negotiator said trade could come up during Bessent's visit to the Expo as the subject is always on their minds. The meeting on Friday was friendly, and involved discussions on various topics, Akazawa said. Ishiba said he hopes that the U.S. National Day will demonstrate the strong Japan-U.S. alliance. "From my perspective, the security of Ukraine, the Middle East, and Asia are interconnected, and I would like to strengthen cooperation between Japan and the U.S.,' Ishiba said. "I would also like to take the initiative in ensuring peace and security in Japan and continue to work to strengthen our defense capabilities.' Lack of concrete progress on trade adds to signs that the two sides remain some ways from achieving a deal two weeks before across-the-board tariffs on Japan's exports to the U.S. are set to jump up to 25% from 10% on Aug. 1. A national election on Sunday could complicate the negotiation process as polls suggest Ishiba's ruling coalition may lose a majority in the Upper House, weakening his bargaining position. The three-month negotiations have resulted in no deal so far with the two sides, as a 25% tariff on cars remains a sticking point. But Tokyo has at least been able to separate trade talks from discussions of defense and foreign exchange, two areas which U.S. President Donald Trump has criticized the Asian nation for taking advantage of America. Akazawa, who has visited Washington seven times since April, wasn't able to meet with Bessent in person during his last visit in June. He's kept the dialogue going via phone calls with Commerce Secretary Howard Lutnick, without achieving concrete results. The Mainichi Shimbun daily reported Friday evening that Akazawa has started making arrangements to visit the United States next week for further talks with Bessent and Lutnick.
Bloomberg
4 days ago
- Business
- Bloomberg
Japan, US Can Reach a Good Trade Deal, Bessent Tells Ishiba
Japanese Prime Minister Shigeru Ishiba said that US Treasury Secretary Scott Bessent told him that the two nations will be able to reach a good trade deal. Ishiba urged Bessent to continue talks vigorously with Japan's chief negotiator Ryosei Akazawa to achieve a mutually beneficial agreement. The two sides didn't discuss specifics on trade as a Aug. 1 deadline for higher levies approaches, Ishiba told reporters after meeting Bessent in Tokyo on Friday.
Bloomberg
11-07-2025
- Business
- Bloomberg
Japan's Akazawa Faces Bad Optics Risk as Lutnick, Bessent Visit
Japan's top tariff negotiator Ryosei Akazawa may come under renewed pressure in the coming days as he faces the risk of missing out on talks with the two key US officials entrusted with trade negotiations when they visit Osaka. US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are set to visit the World Expo in Osaka on July 19 to celebrate the US National Day, but they're yet to signal whether they will also meet with Akazawa for trade talks.
