Latest news with #trade deal
Japan Times
12 hours 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.
Yahoo
15 hours ago
- Business
- Yahoo
Trump Touts Trade Truce With Indonesia, Indicates India Might Not Be Far Behind
President Donald Trump announced a 'landmark' trade deal with Indonesia on Tuesday, wherein the newest BRICS Alliance member will face 19-percent duties on goods exported to the United States. In a Truth Social post, the Commander in Chief noted that he spoke with President Prabowo Subianto by phone about removing trade barriers for U.S. imports. The Indonesian leader also agreed that the country will purchase a substantial volume of American-made products. More from Sourcing Journal Canada, Losing Confidence in US Trade Deal, Cozies Up to Mexico What's the Status on Digital Product Passport Implementation? UK Loosens Trade Restrictions for Developing Apparel-Producing Nations 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets,' Trump wrote, adding that U.S. farmers, ranchers and fisherman will now have duty-free access to Indonesia's 280-million-person consumer market. Notably, the news was not released in the same letter format of recent tariff announcements, which have read as mandates rather than joint resolutions. The letter did contain familiar language warning the country against transshipping goods from other sourcing locales, the subtext being: don't help China evade U.S. tariffs. By Tuesday afternoon, the Southeast Asian nation's trade officials had not yet confirmed the deal. President Subianto, has, however, in recent days posted several tributes on X to dealings with other world leaders, including at the BRICS Summit in Brazil last week and a trip to Belgium to meet with European leaders like European Commission President Ursula von der Leyen. Subianto said the two spoke about expanding cooperation between Indonesia and the European Union. 'We agreed to deepen the Comprehensive Economic Partnership Agreement (CEPA) to open greater opportunities for sustainable trade and investment within the country,' he wrote. During the meeting, the Indonesian president expressed his 'strong hope' that the EU 'will play a more active role in the economic development of Indonesia and the ASEAN region, for the future of global prosperity.' European leaders were caught off guard over the weekend when President Trump threatened to levy 30-percent duties on goods from across the 27-member trade bloc beginning on Aug. 1. European leaders and Commission trade officials expressed disappointment and dismay at the surprise social media post containing the tariff announcement, as they have reportedly been negotiating ceaselessly with Washington in recent weeks. By Monday, their resolve had hardened, with many heads of state indicating that they plan to work with the European Commission to enact countermeasures if a deal cannot be reached with the U.S. before the deadline. Trump indicated to reporters at the White House that he would be willing to continue discussions in pursuit of a deal. The U.S. president has also made strongly worded threats against the BRICS Alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and, notably, Indonesia, which joined the trade bloc earlier this year. Most recently, he threatened to hit BRICS countries with additional 10-percent tariffs, expressing concerns that the collective threatens American interests and aims to dethrone the U.S. dollar by establishing a new reserve currency. While the president hasn't hidden his animosity for the Russia-and-China-led coalition (and he continues to threaten Russia with significant tariffs for perpetuating the war in Ukraine) he appears to believe another member of BRICS is worth turning—and may be close to a trade deal. Following Tuesday's deal with Indonesia, Trump told reporters, 'We're going to have access into India… because of what we're doing with these tariffs.' 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
Bloomberg
21 hours ago
- Business
- Bloomberg
Japan, US Can Reach Good Trade Deal, Bessent Tells Ishiba
Japanese Prime Minister Shigeru Ishiba and US 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.'
Bloomberg
a day 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
a day ago
- Business
- Bloomberg
India's Modi Likely to Visit UK Next Week to Sign Trade Deal
India's Prime Minister Narendra Modi is likely to visit the UK next week to sign the recent trade deal between the two countries, a government official told reporters in New Delhi. The deal could likely take about a year to become effective, the official said on condition of anonymity because the details are not yet public.
