Japan plans to propose closer cooperation with the U.S. on rare earth supply chains during upcoming tariff talks, prompted by China’s recent export restrictions, according to Nikkei Business Daily.
00:00Japan is set to propose strengthening cooperation with the U.S. on rare-earth supply chains in upcoming tariff talks, with recent export restrictions by China in mind.
00:11This is according to a report by the Nikkei Business Daily.
00:14Japan's chief tariff negotiator Ryosei Akazawa is heading to Washington for a fifth round of talks with U.S. counterparts, including Treasury Secretary Scott Besant and Commerce Secretary Howard Ludnick.
00:30According to Japan's Gigi Press, the United States has shown flexibility in reducing the currently suspended additional 14% reciprocal tariffs imposed on Japanese goods.
00:41Back in April, President Donald Trump announced a 24% tariff on Japanese exports to the U.S.
00:49However, like many of his levies, he put it on hold until early July to allow time for negotiations.
00:55Meanwhile, a 10% universal rate remains in place.
01:00Japan has been urging the U.S. to review its tariff policies, including the 25% import levies on Japan-made vehicles.
01:08Car manufacturing is Japan's biggest industry.
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