Tokyo defends his own pace in tariff negotiations with the United States – Observer

The Japanese government greeted the first results of tariff negotiations between the United States and China and defended its own pace of negotiations with Washington, with whom it has not yet reached an agreement.

“Japan is with great interest with tariff-related developments, including the announcement by the United States and China, and we will take the appropriate measures, while we carefully analyze its influence,” Japanese government spokesman Yoshimasa Hayashi said at a press conference.

The world’s two largest economies announced an agreement on Monday, with effect from May 14, under which they will reduce mutual customs rights by 115% for 90 days, which will maintain US customs customs rights over 30% over this time compared to 10% of China for US imports.

The pact was well received by the financial markets and Nikkei, the main Tokyo scholarship index, rose more than 2% after the announcement of the agreement, which reduced fears of a global recession as a result of the trade war.

Japan, which has received US priority treatment in negotiations, has not yet reached an agreement with Washington and prepares for a third round of dialogue, which is expected to take place in May.

Tokyo has been asking Washington to be exempt from all tariffs that US President Donald Trump implemented Since returning to the White House, with a particular emphasis on 25% on vehicle imports, which account for about 30% of Japan exports to the United States.

Washington, by his side, will have asked Japan to accept a larger quota of his cars and agricultural products.

Hayashi defended the pace of negotiations on Tuesday: “It is natural that there are differences in the agendas and the calendar of negotiations, as each country is in a different situation.”

“Japan and the United States are negotiating frankly and constructively and we have agreed to look for an agreement as soon as possible,” which will be announced at the right time, the spokesman added.

Customs rights placed the Japanese builders on the tightrope.

Mazda, which builds 80% of cars it sells in the United States outside US territory, half in Japan-refrained from publishing financial forecasts for the current year, with analysts to anticipate losses.

Nissan decided to increase the number of discharges that was planning, to a total of 20,000 globally, about 15% of its workforce, local press advanced on Monday.

The third largest car manufacturer in Japan, based in Yokohama, east of Tokyo, who was already going through a delicate financial situation, will present this Tuesday the results of the last fiscal year, closed on March 31.

The company already said waiting register a net loss between 700 thousand and 750 billion yen (between 4.26 between 4.57 billion euros) due to costs related to its restructuring plan and other factors.