Japan urges immediate U.S. tariff cuts as $500B trade deal stalls
The post Japan urges immediate U.S. tariff cuts as $500B trade deal stalls appeared on BitcoinEthereumNews.com. Akimasa Akazawa, the Minister of State for Economic Revitalization and Japan’s top trade negotiator, revealed that tariff cuts on auto and spare parts imports could “take some time”. He urged President Trump to effect the revised tariffs immediately through an executive order instead of drafting agreements that could eventually become “vague.” Akazawa said Japan and the U.S. had agreed to reduce the tariffs on auto imports from 25% to 15%. He praised Trump’s deal-making skills, saying they were the kind that demanded answers. The Economic Revitalization Minister said he dared not remain silent through the negotiations, otherwise that would be “the end of it.” He asked Trump many questions, raising his hand a dozen times to ask “one more…” The trade negotiator stressed the deal’s importance, saying his country had lowered the rates set to kick off on August 1 by 10 percentage points. He pointed out that this move helped Japan avoid losses of up to 10 million Yen. Akazawa also mentioned the plan offering $500B (80T Yen) through state-affiliated institutions like NEXI and the Japan Bank for International Cooperation (JBIC). However, he emphasized that the funds were aimed at providing “economic security” in the bilateral trade deal. The Minister said the funds would be categorized as loans, investments, and loan guarantees. Akazawa fears a written agreement could be ‘misinterpreted’ The Economic Revitalization Minister expressed fear that the U.S. would decide to make a written deal for the Japan-U.S. tariff agreement. He pointed out that a written deal could easily be “misinterpreted,” adding that it was “bad to create one now.” Akazawa acknowledged that an agreement would require confirmations between Trump and his cabinet members. He asserted that this could affect the document’s content, leading to further delays. However, Prime Minister Shigeru Ishiba and seven leaders of the ruling…
The post Japan urges immediate U.S. tariff cuts as $500B trade deal stalls appeared on BitcoinEthereumNews.com.
Akimasa Akazawa, the Minister of State for Economic Revitalization and Japan’s top trade negotiator, revealed that tariff cuts on auto and spare parts imports could “take some time”. He urged President Trump to effect the revised tariffs immediately through an executive order instead of drafting agreements that could eventually become “vague.” Akazawa said Japan and the U.S. had agreed to reduce the tariffs on auto imports from 25% to 15%. He praised Trump’s deal-making skills, saying they were the kind that demanded answers. The Economic Revitalization Minister said he dared not remain silent through the negotiations, otherwise that would be “the end of it.” He asked Trump many questions, raising his hand a dozen times to ask “one more…” The trade negotiator stressed the deal’s importance, saying his country had lowered the rates set to kick off on August 1 by 10 percentage points. He pointed out that this move helped Japan avoid losses of up to 10 million Yen. Akazawa also mentioned the plan offering $500B (80T Yen) through state-affiliated institutions like NEXI and the Japan Bank for International Cooperation (JBIC). However, he emphasized that the funds were aimed at providing “economic security” in the bilateral trade deal. The Minister said the funds would be categorized as loans, investments, and loan guarantees. Akazawa fears a written agreement could be ‘misinterpreted’ The Economic Revitalization Minister expressed fear that the U.S. would decide to make a written deal for the Japan-U.S. tariff agreement. He pointed out that a written deal could easily be “misinterpreted,” adding that it was “bad to create one now.” Akazawa acknowledged that an agreement would require confirmations between Trump and his cabinet members. He asserted that this could affect the document’s content, leading to further delays. However, Prime Minister Shigeru Ishiba and seven leaders of the ruling…
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