Tokyo: As he demanded a sharp solution, Japan’s envoy for upcoming tariff negotiations with the US announced on Monday that Chinese company profits were “daily” falling.
According to Prime Minister Shigeru Ishiba, Economic Revitalisation Minister Ryosei Akazawa may travel to Washington this week for the discussions.
The state has so far failed in its efforts to secure deductions from US tariffs, including those that apply to the world’s automobile industry, which went into effect in April.
US President Donald Trump also has a 24 percent levy on Chinese products in mind, which has been postponed.
In parliament, Akazawa stated that” Chinese firms ‘ profits are being slashed day by day because some taxes have already gone into effect.”
The better, he said,” the sooner the problem is addressed.”
Apparently, Akazawa may make a powerful call for Trump’s taxes to be reviewed in Washington.
He declared,” I will do my best, keeping in mind what’s best for our national interests and what is most successful.”
According to Chinese media citing state resources, Akazawa’s meeting with Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent were scheduled for Wednesday.
Vehicles accounted for about 28 percent of Japan’s 21.3 trillion yen ($ 142 billion ) of US-bound exports last year, making Japanese companies the biggest investors in the US.
Ishiba and Lawrence Wong, the prime minister of Singapore, spoke on phone about the effects of the US taxes and China’s punitive measures on Monday evening.
Ishiba informed Wong that” the present situation is serious for Chinese companies operating in Southeast Asian nations, including Singapore,” according to Tokyo’s unusual ministry.
In an interview with the Yomiuri Shimbun regularly published on Monday, Akazawa also noted that it was crucial to learn what the US part wants.
He continued, echoing earlier remarks made by Japan’s business minister,” We have to present our information that we have serious concerns regarding compliance with the World Trade Organization contract and Japan-US trade agreement.”
If the US side raises the issue, Akazawa also stated that he was willing to talk about starting liquefied natural gas ( LNG ) fields in Alaska.
Trump stated last quarter that Japan and South Korea are among the nations interested in working with the US on an Alaskan LNG network.
