Japan Urges for Total Tariff Removal

(MENAFN) Japan reiterated on Friday its insistence on the complete abolition—not just a cutback—of American tariffs, following the recent trade accord between the United Kingdom and the United States.

Tokyo is pushing for the total removal of 24 percent “reciprocal” tariffs, which are currently under a temporary 90-day suspension, as well as an added 25 percent levy on vehicles and separate 25 percent duties on steel and aluminum, stated Ryosei Akazawa, Japan’s chief trade envoy, as reported by the media.

"Our position remains the same that (Japan) will urge (the US) to review the series of tariff measures," Akazawa said.

A third negotiation session is anticipated to occur in mid-May or afterward.

Minister of Economy Yoji Muto emphasized Tokyo’s ongoing pursuit of the elimination of the 25 percent automobile tariff, adding that Japan aims to “examine the contents of the US-Britain agreement carefully and determine what can serve as a reference for us.”

On Thursday, Leader Trump agreed to lift the 25 percent tariff on British steel and aluminum and to lower the duty on most car exports from 27.5 percent to 10 percent.

Japan’s Premier Shigeru Ishiba reportedly has no intention of reducing the consumption tax, despite increasing price levels and the economic strain caused by US tariffs, the media reported, citing informed sources.

According to the agency, Ishiba has already informed officials that a tax cut would limit the government's budgetary flexibility.

Chief Cabinet Secretary Yoshimasa Hayashi noted that the consumption tax—which stands at 8 percent for food and beverages and 10 percent for other items—is crucial for Japan’s debt-heavy budget, making a reduction not "appropriate."

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