U.S.-Japan Tariff Agreement in Focus during G7 Summit, Pursued by Ishiba
Japan and the United States are set to continue their tariff negotiations, targeting a deal on the sidelines of the Group of Seven summit in Canada, scheduled for June. This announcement was made by Prime Minister Shigeru Ishiba on Sunday.
Discussions between the two nations have been ongoing, with both parties making strides towards an agreement, in line with the forthcoming G7 meeting. Following their third round of ministerial-level tariff negotiations last Friday, Ishiba expressed optimism, stating, "We will further advance discussions, with the G-7 summit in mind."
A recent telephone conversation between Ishiba and U.S. President Donald Trump revealed a mutual desire to strike a deal on the matter when they meet at the G7 summit.
In addition, Ishiba indicated that Japan is prepared to offer assistance for the repair of U.S. warships, a potential aspect of their proposed bilateral cooperation in shipbuilding. He noted Japan's expertise in icebreaker technologies, an area that could acquire more significance in the future.
During the ministerial tariff talks, there were concrete discussions and progress was made, according to Ishiba. The negotiations focused on trade expansion, nontariff barriers, and economic security cooperation.
Regarding President Trump's social media post concerning a "partnership" between Nippon Steel Corp. and United States Steel Corp., Ishiba stated he would await an official announcement from the U.S. government.
Sources:The Jiji Press, Ltd.Reuters
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The ongoing negotiations are part of a broader effort to expand bilateral trade and address non-tariff barriers. The farm sector and broader economic cooperation have been key areas of focus for the discussions. Both Japan and the U.S. have been working to clarify their priorities and narrow down the scope of the negotiations, in response to U.S. tariffs such as the 25% tariffs on autos [1].
At the upcoming G7 summit in Canada, there is a sense of cautious optimism, as ongoing ministerial-level discussions point towards potential tariff agreements that could ease trade tensions between Japan and the U.S. and strengthen their economic ties [2]. However, no final deals were confirmed prior to the summit, suggesting that negotiations remain active and fluid. [3]
- Continuing their tariff negotiations, Japan and the United States aim to strike a deal at the Group of Seven summit in Canada, with discussions focusing on trade expansion, nontariff barriers, and economic security cooperation.
- Amidst ongoing policy-and-legislation discussions, Japan's Prime Minister Shigeru Ishiba expressed optimism following their third round of ministerial-level tariff talks, stating, "We will further advance discussions, with the G-7 summit in mind."
- The broader effort to expand bilateral trade and address non-tariff barriers involves the farm sector and economic cooperation, with both nations working diligently to clarify their priorities and narrow down the scope of negotiations in response to US tariffs.
