U.S. and Japan to expedite trade negotiations following Trump-Ishiba phone conversation
Tokyo's Tango: Japanese Prime Minister Shigeru Ishiba and US President Donald Trump are eager to take a dance step forward in their bilateral trade negotiations, as the world grapples with economic instability and escalating geopolitical tensions. Before their expected meeting on the G7 summit's sidelines, the two leaders locked horns in a phone conversation, initiated by Tokyo.
After the call, Ishiba addressed reporters, beaming with optimism: "We agreed to quicken the pace of discussions, striving to realize an agreement that's a win-win for both Japan and the US." That's the buzz surrounding the bilateral trade negotiations, with Japan hoping for progress but drawing a line at compromising its national interests.
In the ongoing tariff negotiations, Japan's focus remains on safeguarding its agricultural sector from US imports. They're also pushing for the outright elimination of US tariffs on autos, parts, and the baseline 10% "reciprocal" tariff[1]. Under the U.S.'s watch, a 90-day pause on implementing "reciprocal" tariffs is in effect, which could be extended if negotiations maintain a positive trajectory[1].
Their anticipated meeting on the G7 summit's fringes could be the perfect platform to advance the discussions. However, Japan has made it clear that it won't delay striking a deal if an agreement can be reached before the summit's conclusion[2]. Stay tuned for the step-by-step unfolding of this trade tango between the Pacific allies. [1] NHK World, [2] AP News, [4] Reuters.
The ongoing trade negotiations between Japan and the US are heavily influenced by politics, as both leaders strive for a mutually beneficial agreement despite geopolitical tensions and escalating war-and-conflicts. In these negotiations, policy-and-legislation, particularly concerning tariffs on autos, agricultural sector, and the baseline 10% "reciprocal" tariff, are at the heart of discussions. [1][2][4]
