Japan aims for steady progress as automakers’ losses balloon, top negotiator says

[TOKYO] Japan’s top trade negotiator Ryosei Akazawa said on Wednesday that he aims for steady progress in tariff negotiations with the US as losses at the country’s automakers from the tariffs constantly increase.

“The head of an automaker we spoke to told us that his company is suffering a US$1 million loss every hour,” Akazawa told reporters in Tokyo just before he headed to Washington for a second round of negotiations.

“Under such circumstances, we have to aim for steady but quick progress,” he said, pointing out that no Japanese company has margin large enough to absorb the 25 per cent tariffs on auto exports. REUTERS