Akazawa Urges U.S. to Exempt Japan from Blanket Tariff Hike

Washington, March 6 (Jiji Press)--Japanese trade minister Ryosei Akazawa on Friday urged the United States to exempt Japanese firms from a planned increase in tariffs imposed worldwide from 10 pct to 15 pct.

In a roughly two-hour meeting with U.S. Commerce Secretary Howard Lutnick, Akazawa called on Washington to ensure that tariff rates applied to Japan under new measures would not be less favorable than existing ones. The Japanese minister did not disclose to reporters after the meeting how the U.S. government responded to the request.

The two also discussed the second installment of Japan's pledge to invest 550 billion dollars in the United States. But Akazawa declined to disclose details, only saying that the two countries will "cooperate closely" so that the upcoming meeting between Japanese Prime Minister Takaichi Sanae and U.S. President Donald Trump will be "fruitful."

Next-generation nuclear reactor and copper refinery construction are considered for the second-round investment.

The blanket 10 pct tariff, based on Section 122 of the U.S. Trade Act, is not subject to mitigation measures introduced for the now-suspended reciprocal tariff on Japan, and is added on top of existing tariffs. This has increased the tariff burden for some products.

[Copyright The Jiji Press, Ltd.]