Japan's Akazawa says he had phone call with US Commerce Secretary Lutnick
Japan's top trade negotiator, Ryosei Akazawa, said on Tuesday that he had a phone call with US Commerce Secretary Howard Lutnick for 40 minutes. Akazawa added that he agreed to actively engage in trade negotiations.
Key quotes
I held a phone call with US Commerce Secretary Lutnick.
Japan has avoided easy compromises.
Talk with Lutnick lasted for 40 mins.
I agreed with Lutnick to continue vigorous negotiations.
We are negotiating with Japan's national interest at stake so not thinking about waiting until upper house election is over.
Won't set deadline, including August 1, in negotiating with the US on trade.
Automobile sector is core of Japan's economy, cannot tolerate fact 25% tariffs on automobile, auto parts are inflicting huge losses on Japan firms.
As for whether we could put something new on the negotiating table, my feeling is that we have already put all necessary issues on the table.
No point striking a deal with the US without an agreement on automobile tariffs.
Fully aware trade negotiations with the US won't be easy as President Trump is 'very tough.'
My job is to garner trust through sincere negotiations with US, try to find common ground step by step and come up with a full package of deal as soon as possible.
Won't sacrifice Japan's agriculture sector for sake of trade deal with US.
Market reaction
At the time of writing, the USD/JPY pair is trading 0.04% higher on the day to trade at 146.07.
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Author
Lallalit Srijandorn
FXStreet
Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
