Ryosei Akazawa, Japan¡¯s chief tariff negotiator, is likely to travel to Washington for another round of tariff talks on Thursday, Jiji Press reported Wednesday.
He abruptly canceled an announced trip to the United States just before departure last week, raising concern that the trade deal reached by the two countries on July 22 was in danger.
Akazawa said at the time that there were certain issues that needed to be addressed at the working-level beforehand, and that the rest of the delegation had departed for Washington as planned despite his absence.
He said he would urge the U.S. to lower its tariffs on Japanese automobiles as earlier agreed, and to adjust an executive order so that ¡°reciprocal¡± tariffs are calculated using a method that results in a lower effective rate.
At a Tuesday news conference in Tokyo, he dismissed reports saying his trip to the U.S. last week was canceled due to demands from the U.S. for Japan to import more rice.
The two countries have been at odds in terms of how to implement Japan¡¯s $550 billion investment offer ever since the July 22 announcement. Media reports have suggested that Akazawa might work with the U.S. to put the agreement in writing.
Officials in the U.S. have described the pledge as involving ¡°all-new capital¡± pouring into key industries at President Donald Trump¡¯s absolute discretion, with the U.S. taking 90% of the profits.
The United States has also said that tariff rates will ¡°boomerang¡± higher if the president is not satisfied with the progress.
Japan said it only agreed to provide loans, loan guarantees and equity investment up to $550 billion ¡ª which is more than Japan¡¯s tax revenue last year ¡ª via government-backed financial institutions. The profit distribution is based on relevant parties¡¯ contribution to the designated projects.
¡°Since the tariffs are still in place, it is without a doubt that our automobile industry and those affected by reciprocal tariffs are bearing damage everyday,¡± Akazawa said on Tuesday.
¡°We are strongly pushing for the U.S. to issue the presidential order as soon as possible ¡ª even if it¡¯s just one day sooner, one moment sooner.¡±
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