Donald Trump joins tariff talks with Japan as US seeks deals amid trade wars

US President Donald Trump on Wednesday inserted himself directly into trade talks with Japanese officials a sign of the high stakes for the United States after its tariffs rattled the economy and caused the administration to assure the public that it would quickly reach deals The Republican president attended the meeting alongside Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick top economic advisers with a central role in his trade and tariff policiesHopefully something can be worked out which is good GREAT for Japan and the USA Trump wrote in a social media post ahead of the meeting Afterward he posted A Great Honor to have just met with the Japanese Delegation on Trade Big ProgressThe presidents choice to get directly involved in negotiations points to his desire to quickly finalize a slew of trade deals as China is pursuing its own set of agreements Its an open test of Trumps reputation as a dealmaker as countries around the world seek to limit the potential damage unleashed by his import taxesThe sweeping tariffs that Trump announced on April 2 triggered panic in the financial markets and generated recession fears causing the US president to quickly put a partial 90day hold on the import taxes and increase his already steep tariffs against China to as much as 145 per cent The pause temporarily spared Japan from 24 per cent acrosstheboard tariffs but there continues to be a 1037 baseline tariff and a 25 per cent tax on imported cars auto parts steel and aluminum exportsWith Japan charging an average tax rate of 19 per cent on other countries goods and having a longstanding alliance with the US the talks on Wednesday are a crucial indicator of whether the Trump administration can achieve a meaningful deal that reassures the markets American voters and foreign alliesUS economic rival China meanwhile is trying to capitalize on the turmoil around Trumps announcements with its leader President Xi Jinping touring nations of Southeast Asia and promoting his country as a more reliable trade partnerJapan is among the first countries to start open negotiations with the US Trump and other administration officials have said the phones have been ringing off the hook with dozens of countries calling eager to strike deals with a president who views himself as a master negotiator to avoid tariffs when the 90day pause ends Israel and Vietnam have offered to zero out their tariff rates but Trump has been noncommittal as to whether that would be sufficientOn Thursday Trump is scheduled to meet with Italian Prime Minister Giorgia Meloni who will likely be carrying messages on behalf of the European Union about how to resolve the tariffs Trump placed on the 27state groupStill the US president may also be feeling increased domestic pressures to settle any tariffs as many voters say they returned Trump to the White House with the specific goal of improving the economy California GovGavin Newsom filed a lawsuit Wednesday that argues that Trump overstepped his authority by declaring an economic emergency to levy his tariffs with the Democrat saying in a statement that the tariffs have caused economic chaosFederal Reserve Chair Jerome Powell said Wednesday that Trumps tariff policies would hurt the US economy a direct warning to a White House trying to sell the import taxes as a longterm positive for the countryThe level of tariff increases announced so far is significantly larger than anticipated and the same is likely to be true of the economic effects which will include higher inflation and slower growth Powell said at the Economic Club of ChicagoJapan like many other nations trying to minimize the possible economic fallout from Trumps tariffs has been scrambling to respond It has set up a special task force to assess the impact of the tariffs and offer loans to anxious companiesAlthough Prime Minister Shigeru Ishiba has been working hard to coax exemptions out of Trump the government has said little officially on what concessions it might offer during these talksNor has the administration been transparent about its asks The Trump administration is seeking to close the 685 billion trade deficit with Japan and seeking greater access for US goods in foreign markets yet the president has also insisted that tariff revenues can be used to pay down the federal budget deficitJapan is coming in today to negotiate Tariffs the cost of military support and TRADE FAIRNESS Trump posted on Wednesday US officials met in Washington with Japans chief trade negotiator Economic Revitalization Minister Ryosei AkazawaI am prepared for the talks Akazawa told reporters at Tokyos Haneda Airport before boarding his flight I will negotiate in order to firmly protect our national interest He said that both Bessent and US Trade Representative Jamieson Greer are known to be proJapan and professionally talented and that he hopes to build a relationship of trust with themI believe we can have good talks toward a winwin relationship that will serve national interest for both Japan and the United States he said Japan has contended that Trumps tariff measures are likely to violate bilateral trade agreements or World Trade Organization rules While Ishiba has said he opposes retaliatory tariffs he also has said he is in no rush to push for a settlement because he doesnt want concessionsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoeveratOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params