Japan’s Prime Minister Shigeru Ishiba is planning his visit to the US right before the mid-month G7 summit. With the trip, he hopes they can arrive at a better trade deal for the two countries. Japan has been actively negotiating with the US, frequently dispatching its chief tariff negotiator and Economy minister, Ryosei Akazawa, to Washington. While progress has been gradual, Japanese officials say the US is beginning to show receptiveness to their proposals. According to the Yomiuri Shimbun newspaper, Akazawa is set to return to Washington later this week, after which it will be decided whether Prime Minister Ishiba will make his US visit. Trump plans to add another 25% tariff on steel and aluminum products from Japan Japan is looking at a 24% tariff on its exports to the US starting next month if it fails to reach a deal with Washington. The nation is already facing a separate 25% tariff on its automobiles , steel, and aluminum products and a 10% baseline tariff, which Ishiba has termed a “national crisis.” Unfortunately, the tariff situation could worsen for Japan, with President Trump stating on Friday that he could increase tariffs on steel and aluminum to 50%. Akazawa even refused to comment on the planned double tariffs imposition, claiming that Trade Secretary Howard Lutnick and Treasury Secretary Scott Bessent had not brought them up in their last round of talks. He, however, stated that both sides agreed to expedite talks and hold another round of negotiations from June 15 to 17 in Canada. Meanwhile, US leaders Bessent and Lutnick described their most recent negotiations with Akazawa as “frank and constructive.” According to the Treasury Department, Bessent stressed to Akazawa the need to tackle both tariff and non-tariff barriers, boost investment, and collaborate on economic security and other shared priorities. Akazawa told reporters that Japan still wants Trump’s administration to drop all tariffs On Friday, Akazawa clarified that Japan still contends that the US should drop all tariffs, including those imposed on its automobiles, aluminum, and steel. At the Japanese embassy in Washington, he told reporters: “If our requests to do that are met, we may be able to come to an agreement. But if that is not possible, then it will be difficult for us to agree to a deal.” In May, Ishiba had also called for a 0% tariff deal. Nonetheless, some Japanese officials remain hopeful they can close a deal with Washington before Trump’s birthday on June 14. However, Japan has made it clear before that they would not rush to sign a deal that will not benefit their country, especially its automobile industry. Akazawa added that he was still closely watching Nippon Steel’s possible deal for US Steel. However, he claimed he could not give any details on the ongoing talks since the US administration had yet to give an official statement. On the same day, President Donald Trump told reporters Friday that the Nippon Steel acquisition deal was still in the works and needed his approval. He stated that Nippon had shown their commitment, and their deal could mark the “largest investment in the history of Pennsylvania in any deal, not just steel.” Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
