Japan's tariff negotiator denies Trump discretion over investments
Japan's chief tariff negotiator denied Saturday that US President Donald Trump will have full discretion over how to allocate Japan's offer of 550 billion dollars in investments and loans, which is part of the two countries' tariff agreement.
Upon returning from the United States, Japanese economic revitalisation minister Ryosei Akazawa told reporters at Tokyo's Haneda Airport that Trump will choose from projects proposed by a US investment committee based on discussions by a Japan-US consultation committee.
Akazawa made the remarks after US Commerce Secretary Howard Lutnick told CNBC on Friday that Trump has "complete discretion" over where the Japanese money will go.
Akazawa stressed that Japan will be involved in selecting projects that use the Japanese money, and called on the press to avoid "vague" reports.
During Akazawa's recent US trip, the Japanese and US governments released a joint statement and a memorandum on Japanese investments in and loans to the United States. Trump then signed an executive order to implement the tariff deal with Japan, including lower reciprocal tariffs and auto levies.
Meanwhile, Akazawa noted that an executive order on tariffs on pharmaceuticals and semiconductors has yet to be issued. He said the negotiations "have not settled yet."
[Copyright The Jiji Press, Ltd.]
