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Chief Cabinet Secretary Yoshihide Suga, speaking during a
recording of a TV program at Japanese broadcaster BS11, said
Japan is ready to explain its stance in trade negotiations with
the United States.
Suga also warned that the global rules of trade could be
compromised if all countries simply pursued their own interests.
"I understand that it's natural for countries to pursue their
own interests, but countries should respect the rules of free
and fair trade," Suga said.
"Japan's position is we want to promote these rules for the
global economy," he added.
The White House on Friday laid out objectives for trade talks
with Japan as President Donald Trump's administration seeks to
slash the United States' $69 billion trade deficit with the
world's third-biggest economy.
The United States is aiming to secure duty-free market access
for American industrial products and reduce or eliminate tariffs
for U.S. agricultural goods, according to a statement.
Washington is also seeking more equitable trade in the motor
vehicle sector and will try to "ensure that Japan avoids
manipulating exchange rates in order to prevent effective
balance of payments adjustment or to gain an unfair competitive
advantage," the document said.
The Trump administration has agreed to not raise tariffs on
Japanese autos during negotiations, but Japan's economy would
suffer a blow if the two countries cannot strike a deal and
tariffs rise.
A few options available to Japan include buying more U.S.
military hardware and natural gas, but it is uncertain whether
this will satisfy the Trump administration.
Japan is also closely watching U.S. negotiations with China over
tariffs and trade practices for clues on how to approach its own
talks with the United States.
Suga said there are concerns about an "economic war" between the
United States and China, the world's two largest economies.
He called for restraint from both sides, but also warned that
Japan's economy could take a hit if the Washington and Beijing
failed to settle their differences and retaliated with further
tariff hikes.
(Reporting by Stanley White; Editing by Chris Gallagher and
Darren Schuettler)
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