Japan PM to Examine Details of US Trade Deal
Japanese Prime Minister Shigeru Ishiba will scrutinize the terms of a recently announced trade agreement with the United States before making any official statements.
TOKYO: Japanese Prime Minister Shigeru Ishiba commented on Wednesday that he needs to examine the details of the trade deal announced by US President Donald Trump.
Speaking to reporters in Tokyo, Ishiba stated that discussing the outcome of the negotiations is premature until a thorough examination of the agreement and its terms has been conducted.
The government believes that this deal will safeguard national interests.
According to a post on Trump's Truth Social platform, 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made.' Prior to the announcement, Japanese imports were subject to a 10% tariff, which was set to increase to 25% if no agreement was reached.
The tariffs already affected 25% of auto imports and imposed a 50% tax on steel and aluminum.
Following Trump's announcement, it was reported that the tariff on autos has been reduced to 15%, causing an immediate positive response in Japanese automobile stock prices.
This development comes as Ishiba’s trade envoy Ryosei Akazawa, who is on his eighth visit to Washington, met with senior US officials.
Akazawa declared 'Mission accomplished,' although specifics of the agreement have not yet been disclosed for further scrutiny by Ishiba and the Japanese government.
Speaking to reporters in Tokyo, Ishiba stated that discussing the outcome of the negotiations is premature until a thorough examination of the agreement and its terms has been conducted.
The government believes that this deal will safeguard national interests.
According to a post on Trump's Truth Social platform, 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made.' Prior to the announcement, Japanese imports were subject to a 10% tariff, which was set to increase to 25% if no agreement was reached.
The tariffs already affected 25% of auto imports and imposed a 50% tax on steel and aluminum.
Following Trump's announcement, it was reported that the tariff on autos has been reduced to 15%, causing an immediate positive response in Japanese automobile stock prices.
This development comes as Ishiba’s trade envoy Ryosei Akazawa, who is on his eighth visit to Washington, met with senior US officials.
Akazawa declared 'Mission accomplished,' although specifics of the agreement have not yet been disclosed for further scrutiny by Ishiba and the Japanese government.
