Japan had made some progress in a fifth round of trade talks with US officials aimed at ending tariffs that are hurting Japan’s economy, Tokyo’s chief tariff negotiator said.
“Tariffs have already been imposed on autos, auto parts, steel and aluminium, and some of them have doubled to 50 per cent along with a 10 per cent general tariff. These are causing daily losses to Japan’s economy,” Ryosei Akazawa said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
Akazawa declined to say what progress they had made.
The latest round of talks may be the last in-person meeting between senior Japanese and US officials before the G7 leaders summit that starts on June 15 in Canada, where US President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba.
Japan also faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with Washington.
“We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made,” Akazawa said. “Still, we must balance urgency with a need to guard our national interests,” he added.
AloJapan.com