Japan readies task force for US trade talks as tariff risks cloud economy

TOKYO: Japanese Prime Minister Shigeru Ishiba on Friday (Apr 11) set up a task force to oversee trade negotiations with the United States, headed by his close aide and Economy Minister Ryosei Akazawa, who domestic media said hopes to visit Washington next week.

While offering no specific date, Akazawa said he hopes to meet his counterpart, US Treasury Secretary Scott Bessent, as soon as possible to kick off bilateral trade talks that may include currency policy.

“I understand Mr Bessent is very fond of Japan and undoubtedly has a good impression on our country. He also has a deep financial background, so could be a tough counterpart to negotiate,” Akazawa told a news conference.

“He seems to mention non-tariff barriers and currency policy as among topics he’d like to discuss. If so, we will obviously respond during the discussions,” he said, adding that Japan will not take any topic off the table.

The first step between Japan and the United States would be to agree on what themes to prioritise, Akazawa said, adding that no specific agenda has officially been set yet.

In a stunning reversal, US President Donald Trump said on Wednesday he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China.

The “reciprocal” tariff imposed on Japan has been cut to the universal 10 per cent rate, from the initial 24 per cent, during the 90-day pause. A 25 per cent duty still applies for automobile imports.

Akazawa, together with Chief Cabinet Secretary Yoshimasa Hayashi, will lead the 37-member task force consisted of staff from various ministries to seek concessions from the United States on tariffs.

A former transport ministry bureaucrat, Akazawa is known as among Ishiba’s closest aides and has deep ties with the domestic agriculture sector. The current role as economy minister is his first ministerial post.

Several domestic media reported on Thursday the government hopes to send Akazawa to Washington next week to kick-start tariff talks with the United States.