Anticipating Outcomes at the G7 Summit Scheduled for June in Japan
Japan Seeks Progress in Trade Talks with U.S. as Japan-U.S. Dialogue Persists Ahead of G7 Summit
Tokyo - Aiming for a resolution at the upcoming G7 summit in Canada, Japan is vigorously pushing for advancements in its trade negotiations with the United States. Minister President Shigeru Ishiba declared on Sunday his belief in the progress made in the discussions, with talks planned to continue with the G7 summit in sight.
The two leaders, Ishiba and Trump, engaged in a 45-minute phone conversation on Friday, during which they spoke about security, diplomacy, and tariffs. Ishiba mentioned that Japan is prepared to collaborate on shipbuilding, with the U.S. reportedly showing keen interest in repairing its warships in Japan.
moreover, Japan, as a world leader in icebreakers, could potentially find areas of cooperation with the U.S in this sector. Japan's chief trade negotiator with the U.S, Ryosei Akazawa, stated that arrangements for the next Japan-U.S talks are being finalized, and he hopes to meet with U.S. Treasury Secretary, Steven Mnuchin during his next visit to the U.S. Akazawa led the third round of trade talks in Washington on Friday.
The bilateral trade talks have faced obstacles, with Japan strongly advocating for the removal of additional U.S. tariffs, finding them "extremely regrettable" [1]. However, the U.S. remains steadfast on its baseline 10% tariff on imports from nearly all countries, including Japan, as part of its "reciprocal package" [1].
domestic politics in Japan are putting pressure on the ruling party under Prime Minister Shigeru Ishiba to uphold a firm stance in negotiations with the U.S to avoid appearing weak, given the impending elections for the upper chamber of the Diet, set to take place in July [2].
The leaders are set to meet face-to-face during the G7 summit in mid-June, with hopes that this meeting will yield productive results [1].
References:[1] ntv.de[2] RTS
Sources: ntv.de, RTS
- The discussions between Japan and the United States, primarily focused on trade, also touch upon aspects of employment policy, as collaborations in shipbuilding and potential ventures in icebreakers are under consideration.
- The ongoing trade negotiations between the two nations, seemingly influenced by both domestic policy in Japan and global economic affairs, have also sparked debates in the realm of finance and business, with the stance on tariffs being a significant point of contention.
