Shigeru Ishiba makes a tough statement: Japan will not just make concessions in US tariff negotiations

Source: Wall Street News

Japanese Prime Minister Shigeru Ishiba made his toughest statement since the outbreak of the tariff war, facing the growing trade pressure brought by Trump.

According to media reports, Shigeru Ishiba said in the Japanese parliament on Monday: "If Japan gives up everything, we will not be able to ensure our national interests." This is one of the most confrontational remarks made by Shigeru Ishiba since the Trump administration launched a trade war on Japan's sensitive automotive and agricultural sectors. According to the Global Times, Shigeru Ishiba stated last week that Japan "does not intend to make major concessions and will not rush to reach an agreement" in tariff negotiations with the U.S. government.

In parliament, Shigeru Ishiba emphasized the importance of protecting Japanese agriculture: "We have been using various methods to protect Japanese agriculture, such as tariffs and minimum access rules. We must continue to protect it, and of course, we must also protect consumers."

Analysts believe that despite its tough statements, Japan actually needs to find bargaining chips in order to obtain a comprehensive exemption from the United States to its tariffs. Earlier, the United States suspended some of the "reciprocal tariffs" for 90 days, but Japan still faced 25% tariffs on automobile, steel and aluminum exports.

Japan may report that it may propose to increase U.S. rice and soy imports and may relax safety standards for imported cars to push tariff negotiations forward. Japan may make a move in the automotive and agricultural products fields, but Shigeru Ishiba clearly ruled out the possibility of sacrificing farmers for any agreement and reducing agricultural product protection.

Japanese negotiators still ruled out the possibility of a quick agreement with the United States. According to Xinhua News Agency, Japanese Minister of Economic Regeneration Ryo Akazawa held the first round of negotiations with the US last week. After returning home, Ryo Akazawa said: "We will not reach an agreement quickly, and it is hard to say how long it will take to bridge the differences between the two sides."

Ryo Akazawa is in negotiations and asks the US to list its negotiation priorities in order of priority so that Japan can assess the space for concessions. However, the specific requirements of the US for Japan are still vague, but Trump often complains about the lack of American cars in the Japanese market.

It is also reported that Japanese Finance Minister Katsunobu Kato will visit Washington this week, when he may hold bilateral talks with U.S. Treasury Secretary Becent during the G20 Treasury Secretary's Meeting and the IMF-World Bank Spring Meeting.

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