Trump eyes slashing Japan trade deficit; Tariffs on table
Donald Trump aims to eliminate the £100 billion trade deficit with Japan and does not rule out imposing tariffs on the country. Both nations are also discussing the "pipeline in Alaska."
During a press conference following a meeting with Japanese Prime Minister Shigeru Ishiba, US President Donald Trump announced his intention to "very quickly" reduce the US trade deficit with Japan to zero. He suggested that this could be easily achieved by selling liquefied natural gas (LNG) to Japan. Additionally, he mentioned that both countries are engaging in discussions about the "pipeline in Alaska" as "some kind of joint venture," which is an entity formed jointly by at least two independent companies to carry out a specific project or achieve a common goal.
Trump also stated that, despite his intention to enhance economic cooperation with Japan, he emphasised that "the United States will trade with all countries based on the principles of fairness and reciprocity." He added that he is considering imposing tariffs on Japan, as well as on many other countries, to level the playing field in trade barriers. However, he expressed confidence that no country would suffer as a result.
- We will charge them, they will charge us - said Trump.
US and Japan cooperation
The US President also announced that a Japanese steel giant will invest in the American company US Steel instead of taking it over. President Joe Biden blocked the takeover of the American company in January, although Trump was also opposed to this move, as the US considers the company to be strategic.
- Next week, the head of Nissan, a very great company, will come here, and we will work out the details. I will help; I will be there to mediate - announced Trump, mistakenly referring to the name of the Japanese company.
During the conference, Ishiba highlighted the positive atmosphere of the talks and noted his intention to balance the trade relationship with the US through gas purchases. Encouraged by Trump, he criticised the previous US administration for not permitting the export of the raw material to Japan. Ishiba also remarked that although Trump might appear "frightening" on television, in person he was "very sincere and very strong." However, the Japanese Prime Minister declined to comment on whether he would impose retaliatory tariffs on the US.
