Japan says US tariffs cut company profits 'day by day'

TOKYO: Japan's envoy for upcoming tariff talks with the United States said on Monday that Japanese company profits were falling "day by day" as he called for a swift solution.Economic Revitalisation Minister Ryosei Akazawa will visit Washington for the negotiations this week, Prime Minister Shigeru Ishiba told lawmakers on Monday.The government has so far failed in attempts to secure exemptions from the US tariffs, including 25 percent on the global auto sector that took effect in early April.US President Donald Trump is also planning a separate levy of 24 percent on Japanese goods, which has been paused."As some tariffs have already taken effect, Japanese companies' profits are being cut day by day," Akazawa said in parliament."The sooner (the issue is addressed), the better," he said.In Washington, Akazawa will reportedly issue a strong call for a review of Trump's tariffs."I will do my best, bearing in mind what's best for our national interests and what is most effective," he said.Japanese media, citing government sources, said Akazawa's talks with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer were set for Wednesday.Japanese firms are the biggest investors into the United States, and vehicles accounted for around 28 percent of Japan's 21.3 trillion yen ($142 billion) of US-bound exports last year.Ishiba held a telephone call on Monday afternoon with Singapore's Prime Minister Lawrence Wong to discuss the impact of US tariffs and China's retaliatory actions.Ishiba told Wong that "the current situation is serious for Japanese companies operating in Southeast Asian countries including Singapore", Tokyo's foreign ministry said.Ahead of his negotiations, Akazawa also stressed in an interview with the Yomiuri Shimbun daily published on Monday that it was important to gain an understanding of what the US side wants."We have to convey our message that we have serious concerns as to consistency with the World Trade Organization agreement and Japan-US trade agreement," he said, echoing previous comments by Japan's trade minister.Akazawa also said he was ready to talk about developing liquefied natural gas (LNG) fields in Alaska if the US side raises the issue, according to the Yomiuri.Trump said last month that Japan and South Korea are among countries looking to work with the United States on an LNG pipeline in Alaska.