The Japanese Economy minister Toshimitsu Motegi said that President Donald Trump's comments aim for quick progress in the trade talks between his country and the United States. The U.S. President recently finished a 4-day visit to the Land of the Rising Sun where he had the opportunity to meet with the emperor, Naruhito, as well as advancing his world trade agenda.
“When you look at the exact wording of his comments, you can see that the president was voicing his hopes of swift progress in talks toward something that is mutually beneficial,” said Motegi in a press conference after a regular cabinet meeting.
Trump is aiming for a change in the trade balance between the United States and Japan since the latter has a clear advantage. However, it seems Trump doesn't spot any real advance before Japan holds elections in July this year and some claim that both countries agreed to reach an agreement in August, something that several Japanese officials and Motegi himself just denied.
“Trade-wise, I think we'll be announcing some things, probably in August, that will be very good for both countries,” said Trump on Monday, making economic agents and analysts believe that such agreement existed.
Trump's government is asking its Japanese counterpart to cut tariffs on American goods so the competitiveness that was lost when the U.S. withdrew from the Trans-Pacific Partnership is restored. Trump is also aiming for a restriction on Japanese exports, especially on Japanese Automobiles, a measure that is rejected by the Japanese.
According to Motegi, clear differences between both sides remain relevant and no further talks have been scheduled yet.
"We've agreed that we'll strive to narrow the gap, including through possibly holding working-level talks," he said.
The United States had a $67.6 billion trade deficit with Japan in 2018 according to the U.S. data.