Japan said the US promised to improve the supervision of a dual tariff
The US government on Thursday promised to change the executive orders of the President to remove overlapping tariffs on Japanese goods, said Tokyo’s trade negotiator, after the talks in Washington to improve what he called “regretted” supervision.
In the discussion, Ryosei Akazawa urged the US Trade Secretary Howard Lutnick and Financial Secretary Scott Besent to ensure that the 15% retribution agreed upon last month about Japanese import was not stacked on goods, such as beef, which was charged higher rates.
They explained that they would change the President’s orders on July 31, which included provisions without a buildup for the European Union but not Japan, and also returned the excess tasks collected, said Akazawa.
Lutnick and Besent also said Trump would reduce the automatic tariff to 15% from 27.5% in separate executive orders, in line with the trade agreements achieved by both countries last month.
“Frankly, I don’t expect to visit the US again immediately after my last trip,” said Akazawa, who has been traveling to Washington nine times since April.
The US Ministry of Finance did not immediately respond to requests for comments about the meeting with Akazawa.
Clarity about changes in tariffs, along with strong company revenue, encourages Japan’s extensive Topix index on a 3,000 -point key mark for the first time.
Reports about the amendment to “calm fear of US tariffs and help encourage the market higher,” said Shoji Hirakawa, Head of Global Strategy Expert at Tokai Tokyo Intelligence Lab.
Tariff confusion
Japan is among the eight major US trading partners who have reached a trade framework agreement, and the 15% level for many of its goods is on the low side.
The US on August 7 began to collect higher tariffs on dozens of state imports, including 50% levy from imports from Brazil, 39% level for imports from Switzerland and 35% level for Canadian imports.
Many of what Akazawa negotiated in July during the previous visit to Washington, including directly with Trump, was never included in the signed document. It creates confusion in Tokyo and is worried that some Japanese companies can face higher tariffs than anticipated.
Prime Minister Shigeru Ishiba has been criticized by his opponents for not making a joint statement with Trump on trade agreements. Ishiba, who was under pressure from several people in his party to resign after the defeat of the Election of the Assembly last month, said he chose not to do so to accelerate the implementation of the agreement.
To achieve a trade agreement, the Japanese Prime Minister agreed to increase investment in the US by $ 550 billion through loans supported by the government and guarantees for projects that benefit the two countries.
Trump then compared it with a bonus signing of a baseball player who can be invested by Washington as he wishes.
Akazawa refused to say whether he discussed investment promises with Lutnick and Best.
Japan “will continue to maintain close communication with the US side at various levels,” the government said in a statement.
Source: Reuters
