Key points
- Japan’s minister to visit Washington for trade talks
- Trump is planning a separate levy of 24pc on Japanese goods
- Japanese firms are biggest investors into US
TOKYO: Japan’s envoy for upcoming tariff talks with the United States has said that Japanese firm profits were falling “day by day” as he called for a swift solution.
Economic Revitalisation Minister Ryosei Akazawa will visit Washington for the negotiations this week, Prime Minister Shigeru Ishiba told lawmakers on Monday.
According to NHK, Akazawa will meet US Trade Representative Jamieson Greer and US Treasury Secretary Scott Bessent on April 17.
The AFP reported that the government has so far failed in attempts to secure exemptions from the US tariffs, including 25 per cent on the global auto sector that took effect in early April.
NHK reported that Japanese Prime Minister Ishiba Shigeru vowed to persuade the US that its recently introduced tariff steps will not benefit its industry, even though the talks will take some time.
Call for a review of tariffs
US President Donald Trump is also planning a separate levy of 24 per cent on Japanese goods, which has been paused.
“As some tariffs have already taken effect, Japanese companies’ profits are being cut day by day,” Akazawa said in parliament. “The sooner (the issue is addressed), the better,” he said.
In Washington Akazawa will reportedly issue a strong call for a review of Trump’s tariffs.
“I will do my best, bearing in mind what’s best for our national interests and what is most effective,” he said.
Japanese companies are the biggest investors into the US, and last year vehicles accounted for around 28 per cent of Japan’s 21.3 trillion yen ($142 billion) of US-bound exports.
