Continued Discussions on Trade Expansion and Non-Tariff Measures
"More Candid and In-Depth Talks Than Before"
Summit Scheduled in Canada in June... "Hoping for an Agreement"
The United States and Japan continued discussions on expanding bilateral trade, non-tariff measures, and cooperation on economic security during the third round of tariff negotiations held in Washington, D.C. on the 23rd (local time).
Scott Besant, U.S. Secretary of the Treasury (center), and Ryosei Akazawa, Japan's Minister for Economic Revitalization (right) Photo by Yonhap News
According to Kyodo News and the Nihon Keizai Shimbun, Ryosei Akazawa, Japan's Minister for Economic Revitalization and the country's chief negotiator on tariffs, told reporters after the talks that "the conversation was more candid and in-depth than in previous negotiations."
The two sides met again for the first time in about three weeks since May 1 to discuss tariff measures implemented by the Donald Trump administration. However, it appears that no agreement has been reached yet. Minister Akazawa held a 90-minute meeting with Howard Lutnick, U.S. Secretary of Commerce, followed by a separate 120-minute discussion on pending issues with Jamieson Greer, U.S. Trade Representative (USTR). Scott Besant, U.S. Secretary of the Treasury, who had participated in all previous talks, was absent from this round.
Minister Akazawa stated that the two sides agreed to continue close consultations among ministers, with the aim of finding common ground at the U.S.-Japan summit to be held on the sidelines of the Group of Seven (G7) summit in Canada in mid-June. He added, "It would be very positive if something could be agreed upon at the summit." However, Minister Akazawa also emphasized, "Japan has national interests that must be protected, so reaching an agreement quickly is not the only priority," and further stated, "When negotiations are conducted with a set deadline, it is generally the side that is conscious of the deadline that loses."
Minister Akazawa said, "I once again strongly requested that the United States reconsider its series of tariff measures," but did not specify the details of the request. He added, "Since we repeat our positions each time, I expect the U.S. side's understanding will deepen, but at this stage, it is too early to say whether the differences have narrowed or not," expressing a cautious stance.
Japan is demanding that the U.S. review all tariffs, including those on automobiles and reciprocal tariffs, but it is reported that the U.S. side has maintained that negotiations are only possible on the 14% country-specific tariffs in addition to the 10% reciprocal tariffs.
According to Kyodo News, the Japanese side appears to have emphasized the contributions of Japanese companies to U.S. investment and employment during the negotiations, and explained issues such as expanding agricultural imports and technological cooperation in the shipbuilding and rare earth sectors.
Regarding the news that President Trump has approved Nippon Steel's acquisition of U.S. Steel, which had previously been blocked by the former Joe Biden administration on national security grounds, Minister Akazawa stated, "We would like to wait for an official announcement."
The United States and Japan agreed to coordinate the schedule for the fourth round of tariff negotiations in the future. Japanese media reported that, since Secretary Besant did not attend the third round, Minister Akazawa may return to the U.S. for additional talks as early as next week.
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