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Category: CRYPTO NEWS
The post Japan’s Trade Negotiator Akazawa plans to meet Bessent for trade talks appeared on BitcoinEthereumNews.com. Japan’s Chief Trade Negotiator and Economy Minister Ryosei Akazawa said on Friday that he “plans to meet US Treasury Secretary Scott Bessent and others for Japan-US tariff talks.” Further comments Will take appropriate actions while gathering necessary information when asked about US court blocking Trump’s tariffs. Mutual trust deepening between PM Ishiba and President Trump through phone talks two weeks in row. Market reaction At the time of writing, USD/JPY is trading at 143.85, still down 0.27% on the day. Tariffs FAQs Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas. Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers. There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs. During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the…
2025-05-30T03:39:19+00:00