Japanese Prime Minister Shigeru Ishiba said on Sunday (May 25) that Tokyo is actively promoting tariff negotiations with the United States and striving to make substantive progress during the Group of Seven (G7) summit to be held next month.
It is learned that Japan's chief trade negotiator, Ryo Akazawa, held the third round of bilateral talks with the US side in Washington last week. Shigeru Ishiba told the media in Kyoto that the two sides have made certain progress on issues such as expanding trade, non-tariff measures and economic security, and emphasized that the Japanese side will continue to deepen relevant consultations and promote subsequent negotiations with the summit as the goal.
Shigeru Ishiba also disclosed that he had a phone call with US President Trump for about 45 minutes on Friday (the 23rd), discussing security, foreign affairs and tariff issues. Both sides also expressed their willingness to hold a face-to-face meeting during the G7 summit.
Apart from economic and trade issues, Shigeru Ishiba pointed out that Japan is willing to cooperate with the United States in the field of shipbuilding. He said that the United States has shown a strong interest in conducting warship repairs in Japan, and Japan is also willing to offer assistance. Shigeru Ishiba added that Japan has an advantage in the construction of icebreakers and may be able to expand cooperation space with the US in the Arctic shipping route field in the future.
After returning to Tokyo Haneda Airport on Sunday, Akazawa Ryo told the media that the schedule for the next round of Japan-US negotiations is still being coordinated. He hopes to meet with US Treasury Secretary Basente during his next visit to the United States.
When it comes to the progress of the negotiations, Akazawa Ryo emphasized that the agreement must be based on the conclusion of an overall plan. "Before there is a consensus on all issues, no part can be regarded as an existing agreement." He thus refused to comment on the specific achievements made in the current negotiations.
On June 30th, Raphael Bostic, the president of the Atlanta Federal Reserve Bank, stated that tariffs might have a gradual impact on prices rather than a one-time shock, which could lead to more persistent upward pressure on inflation.
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