Japan's top trade negotiator, Ryosei Akazawa, is set to visit Washington as pressure mounts to ensure the timely implementation of Trump's 15% tariffs on the island nation.
Akazawa's First Visit To The US Following Tariff Announcement
Akazawa will visit Washington for the first time since the announcement of new tariffs on Japan, Bloomberg reported on Tuesday.
"We'll continue to strongly urge the US to take steps to implement the agreement swiftly and steadily, including the reduction of tariffs on cars and car parts," Akazawa said.
Prime Minister Shigeru Ishiba Faces Mounting Pressure
Akazawa's visit to the US comes as Japanese Prime Minister Shigeru Ishiba is facing mounting pressure from opposition lawmakers in Japan to ensure the expedient implementation of the newly negotiated tariff rates.
Ishiba has also been slammed for not signing an official document with the US, which he defended by saying that there were time constraints on the deal. He had also signalled potential talks with the US to ensure tariff implementation.
President Donald Trump hailed the deal with Japan, calling the $550 billion agreement an exciting time for America, which would create "thousands of jobs" within the country.
Tariffs Continue To Impact Auto Industry
However, Tariffs have continued to impact the auto industry, costing automakers such as Ford Motor Co. (NYSE:F) as well as Stellantis NV (NYSE:STLA) billions in additional costs.
Ford revised its tariff impact to $3 billion from the previously stated $2 billion in additional spending, while Stellantis said the tariffs would set it back over $1.7 billion.
Despite this, Japanese carmakers like Toyota Motor Corp (NYSE:TM) have seen a surge in stock value following the announcement by Trump.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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