Japan

Japanese Economy Minister Toshimitsu Motegi is hoping to walk away from a meeting with U.S. Trade Representative Robert Lighthizer next month with an agreement similar to one the European Union struck with the U.S. last week, as both countries face pressure to make a deal.

The Japanese government along with industry associations representing the Japanese automobile and auto parts industry and individual Japanese auto companies have warned the U.S. Commerce Department that tariffs on autos and auto parts driven by national security would undermine the U.S. auto sector and economy.

President Trump has proposed that the G7 countries eliminate all tariffs, non-tariff barriers and subsidies, he said at a leaders' summit in Canada on Saturday -- later condemning remarks made by Canadian Prime Minister Justin Trudeau as “dishonest” and “weak.”

Japan's foreign ministry says President Trump and Japanese Prime Minister Shinzo Abe agreed to prepare for the July meeting when they met at the White House on June 7.

The United States, the European Union and Japan on Thursday pledged to tackle “non market-oriented policies and practices” by developing stronger World Trade Organization rules for industrial subsidies and state-owned enterprises, cooperating on technology transfer and laying out a list of conditions they say define a market economy.

Japan’s Foreign Minister Taro Kono and Mexican Foreign Minister Luis Videgaray on Thursday pledged to cooperate to get the deal into force quickly.

“Faced with the severe situation of rising protectionism and unilateralism, China, Japan and South Korea should hold together firmly to support free trade and jointly defend rules-based multilateral trade system.”

The U.S. and Japan have agreed to “intensify” talks on “free, fair and reciprocal trade deals,” President Trump and his Japanese counterpart, Shinzo Abe, said on Wednesday.