Japan pM Ishiba, after Meeting Trump, Voices Optimism Over Averting
Ishiba says no talk with Trump on at summit
Trump identifies Japan's US substantial investment, task creation
LNG, steel, AI and automobiles are areas Japan can invest in US
Nippon Steel will operate under US management, personnel
Japan will not raise defence costs without public support
TOKYO, Feb 9 (Reuters) - Japanese Prime Minister Shigeru Ishiba revealed optimism on Sunday that his country might prevent higher U.S. tariffs, saying President Donald Trump had actually "identified" Japan's big investment in the U.S. and the American jobs that it produces.
At his first White House summit on Friday, Ishiba told public broadcaster NHK, he explained to Trump how many Japanese automakers were developing jobs in the United States.
The 2 did not specifically go over vehicle tariffs, Ishiba said, asteroidsathome.net although he said he did not know whether Japan would be subject to the reciprocal tariffs that Trump has actually said he plans to trouble imports.
Tokyo has so far got away the trade war Trump let loose in his very first weeks in workplace. He has announced tariffs on products from Canada, Mexico and China, although he held off the 25% duties on his North American neighbours to allow for talks.
The escalating trade stress given that Trump returned to the White House on January 20 threaten to rupture the worldwide economy.
Ishiba said he believes Trump "recognised the truth Japan has actually been the world's largest financier in the United States for 5 straight years, and is for that reason different from other countries."
"Japan is developing many U.S. tasks. I think (Washington) won't go straight to the idea of greater tariffs," he said.
Ishiba voiced optimism that Japan and the U.S. can avoid a tit-for-tat tariff war, stressing that tariffs need to be put in place in such a way that "advantages both sides".
"Any action that exploits or leaves out the other side won't last," Ishiba said. "The question is whether there is any problem between Japan and the United States that calls for enforcing greater tariffs," he included.
Japan had the highest foreign direct financial investment in the United States in 2023 at $783.3 billion, followed by Canada and Germany, according to the most recent U.S. Commerce Department data.
Trump pushed Ishiba to close Japan's $68.5 billion yearly trade surplus with Washington but revealed optimism this could be done quickly, offered a promise by Ishiba to bring Japanese financial investment in the U.S. to $1 trillion.
On Sunday, Ishiba recognized melted natural gas, steel, AI and vehicles as areas that Japanese companies could invest in.
He likewise touched on Trump's promise to look at Nippon Steel buying U.S. Steel, instead of buying the storied American business - a prepared purchase opposed by Trump and obstructed by his predecessor, Joe Biden.
"Investment is being made to ensure that it remains an American business. It will continue to operate under American management, with American workers," Ishiba said. "The bottom line is how to ensure it remains an American company. From President Trump's viewpoint, this is of utmost importance."
On military costs, another area where Trump has pushed allies for boosts, Ishiba said Japan would not increase its defence budget without very first winning public backing. "It is essential to ensure that what is deemed needed is something the taxpayers can comprehend and support," he said. (Reporting by Leika Kihara: Additional reporting by Tim Kelly; Editing by William Mallard)