Japan eyes up G7 for tariffs

Japan’s prime minister says his government aims to advance tariff talks with the US with the goal of achieving an outcome at next month’s Group of Seven summit in Canada.

Speaking to reporters in Kyoto, Shigeru Ishiba says progress has been made in negotiations, highlighting discussions on trade expansion, non-tariff measures and economic security.

“We will continue to further refine our discussions with the G7 summit in mind,” adds the PM, whose top tariff negotiator Ryosei Akazawa held a third round of Japan-US talks in Washington DC on May 23. “We agreed on the need for more bilateral co-operation, including in the field of economic security.” 

Ishiba, pictured, held a 45-minute phone call with US President Donald Trump on the same day to discuss security, diplomacy and tariffs, and notes they exchanged hope for an in-person meeting at the G7 summit.

Over the weekend, Ishiba expressed Japan’s willingness to co-operate in shipbuilding saying the US has shown interest in possibily repairing American warships in Japan and that Japan would like to assist.

He says Japan has an advantage in icebreakers, such as those used on Arctic trade routes, which could become an area of co-operation with the States.

Akazawa on May 25 said the schedule for the next round of talks is being arranged and that he hopes to meet US Treasury Secretary Scott Bessent on his next visit there.

He adds an agreement will be reached only when all elements are settled as a package, meaning that until everything is agreed upon, nothing is agreed upon. “Therefore, I won’t comment on how far we’ve progressed.”