Trump targets $100B trade deficit, eyes Japan tariffs
President Donald Trump announced after a meeting with Japanese Prime Minister Shigeru Ishiba that he plans to "very quickly" eliminate the $100 billion trade deficit with Japan. The U.S. President did not rule out the possibility of imposing tariffs on the country. He also mentioned potential investments by the Japanese steel giant Nippon Steel in U.S. Steel.
During a press conference, Trump discussed the planned investments by Nippon Steel in the American company, U.S. Steel. The President emphasized that instead of a takeover, Nippon Steel will invest in the development of the American company.
"And we're going to meet with Nissan next week, the head of Nissan, very great company, and they'll work out the details. I'll be there to mediate and arbitrate," Trump announced, mistakenly referring to the wrong Japanese company.
Trump stressed that the United States will conduct trade with Japan based on fairness and reciprocity. He added that he is considering imposing tariffs on Japan—and also on many other countries—to level the trade barriers. However, he expressed confidence that he does not expect any country to suffer from this.
Ishiba pleased with the talks
The U.S. President suggested that the sale of liquefied natural gas (LNG) to Japan could significantly reduce the trade deficit. Both countries are in discussions about building a pipeline in Alaska as a joint venture.
Prime Minister Ishiba highlighted the positive atmosphere of the talks and expressed a desire to balance trade by purchasing American gas.
Encouraged by Trump, he criticized the previous U.S. administration for not allowing the export of the raw material to Japan. Ishiba also noted that although Trump seems "frightening" on television, in personal interactions, he was "very sincere and very powerful." However, he declined to answer whether he would impose retaliatory tariffs on the U.S..
