financetom
Business
financetom
/
Business
/
Japan to seek 3rd round of trade talks next week, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan to seek 3rd round of trade talks next week, sources say
May 26, 2025 8:16 AM

TOKYO (Reuters) - Japan's top trade negotiator, Ryosei Akazawa, could travel to Washington as soon as next week for a third round of trade talks with the U.S., two sources with knowledge of the plans told Reuters on Thursday.

The date of his visit was fluid and would depend on how much progress the two countries can make in narrowing differences in staff-level negotiations, one of the sources said on condition of anonymity as he was not authorised to speak publicly.

Japan is considering a package of proposals to gain U.S. concessions that may include increased imports of U.S. corn and soy, technical cooperation in shipbuilding, and revision to inspection standards for imported automobiles, the source said.

There is uncertainty on whether the two sides can iron out differences over Japan's priority, which is to win exemptions from U.S. tariffs on automobile and auto parts - the mainstay of its export-heavy economy.

"We will seek reviews of the range of U.S. tariff measures, such as those on automobiles, auto parts, steel, aluminium as well as the reciprocal tariffs, that are deeply regrettable," Akazawa, who is also economic revitalisation minister, told a news conference on Wednesday.

On April 2, U.S. President Donald Trump imposed a 10% tariff on all countries except Canada, Mexico and China, along with higher tariff rates for many big trading partners, including Japan, which faces a 24% tariff rate starting in July unless it can negotiate a deal with the U.S.

Japanese policymakers and ruling party lawmakers have said they see no merit in striking a deal with the U.S. unless a 25% tariff on automobile imports is lifted, given the huge impact the industry has on Japan's export-heavy economy.

The impact is already evident in Japan's automobile sector. Mazda reported a 45.1% drop in net profit for the fiscal year that ended in March, and held off on disclosing earnings estimates for the current year through March 2026.

During his second visit to Washington on May 1, Akazawa made a request to U.S. Treasury Secretary Scott Bessent for reviewing the 25% automobile and auto parts tariffs, though the two sides could not reach common ground.

While Japan was the first major economy to start bilateral trade talks with the U.S., Britain was the first to strike a deal with the Trump administration. China also agreed on a truce with the U.S. in a de-escalation of trade tensions that led to a sharp rebound in global stock prices.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved